The New York Times has made it official: California is not Greece. The state is showing “the first signs of a rebound,” reported the Times’s Adam Nagourney this week. The housing market has stabilized. The jobless rate is down. Spirits are rising. All true. The numbers show that the state is finally pulling out of its worst slump since the Great Depression. And as someone who has lived in California all his life, I welcome the news.
But I know enough of the state’s history to worry about how this promising story might end.
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