“It is much worse than I thought. I’m shocked.”

The fact is that California could max out its tax rates and probably still not get out of the hole it is in — and a lot of states and municipalities are in the same condition. Which is why we need to push for action — action right now — on the Nunes-Ryan-Issa bill banning bailouts of state pension systems. That would be a good HR1 for the incoming Republican majority. The fiscal collapses in the states are an avalanche headed toward Capitol Hill, and is has to be headed out before the unthinkable becomes the inevitable.