I Thought Gold Couldn't Tarnish

How bad is it in California? The state might have to issue IOU's to its creditors. Again.

(Treasurer Bill) Lockyer, a Democrat, offered a clear prescription to avoid repeating that fiscal calamity: "Get a budget adopted that's honest, and make the cuts as soon as possible."

Brown, who took office less than three weeks ago, has called on the Legislature to enact by March 1 an austere spending plan that includes deep cutbacks to welfare, healthcare for the poor and the state's universities, among other programs.

"Get it done, the sooner the better," Lockyer said Saturday during his appearance at a conference sponsored by the Institute of Governmental Studies. If not, he said, "We will run out of money to pay the bills."

When they have a "D" after their name, the press doesn't stoke anyone into a frenzy. If they had an "R" after their name, unions and other assorted lefties, along with the editorial boards of major papers, would be screaming bloody murder.

The cuts have to be made, though. And if the only way they can be made is by elected officials with a "D" after their names, then so be it.

My entire retirement depends on the fiscal solvency of this state.