Summary
Is it better to ask permission or beg forgiveness? The California Legislature must believe it is better to beg forgiveness since they never sought permission to raise taxes to pay for a spending spree that has increased outlays by 80 percent since 1998.
Now, faced with a deep budget deficit, many elected officials are advocating tax increases to pay for overspending. Fiscal conservatives argue that such behavior should not be excused, let alone rewarded. But is this budget situation so grave as to warrant an exception? And does it present an opportunity to achieve permanent reforms that will prevent future fiscal mismanagement and enhance California's economic prospects?See the full content of this document
Extract
With Any Tax Hike, Enact Reforms
A good analogy is the current liquidity crisis in the nation's financial markets. Many have convincingly argued that the government should not bail out investors who didn't do their underwriting homework, sinc...
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