California Democrats Covet Carbon-Market Funds

If you believe California officials, you might think the state’s long-running economic and budgetary problems are over, thanks largely to the flood of money from voter-approved increases in already high income and sales taxes.

The Legislative Analyst’s Office is exuberant, releasing a budget report declaring, “The state’s economic recovery, prior budget cuts and the additional, temporary taxes provided by Proposition 30 have combined to bring California to a promising moment: the possible end of a decade of acute state budget challenges.”