Flinty truths for California

California, like Greece is perpetually in fiscal trouble. Overoptimistic revenue forecasts coupled with spending $2 billion more than expected has California in a deep hole. Governor Jerry Brown has the same non-solution as ever, hike taxes. Brown wants a "temporary" (as in seven years) tax hike. Given we all know there are no such things as temporary tax hikes in California (seven years is permanent enough in the first place), and also given the California school budget needs an axe, the I say let him.

The tiff between the country's two largest economies has escalated, with California Governor Jerry Brown brusquely dismissing Texas Governor Rick Perry's latest ad campaign to swipe Golden State business.

Standard and Poor's upgraded California's credit ratings to "A" from "A-" thanks to its improving fiscal and revenue outlook.   The agency cites Gov. Brown's budget accomplishments as a key reason for its upgrade: 

Gas in Vegas is a dollar cheaper a gallon than in the Golden State, or so a friend and recent LA transplant tells me. He went on to say the top tax rate in California is over 13%, while, of course, Nevada has no state income tax.