California: In the Black, with Crust

"Promises and piecrust," observed Dr. Swift, "are made to be broken." By ignoring such cynicism, California's Ronald Reagan risked a lot of pastry. During his election campaign, the new Republican Governor had pledged "sound financial management," and last week had the crust to demand the highest budget ever proposed in any American state, buttressed by the biggest tax boost in California history.

To keep the state moving ahead and at the same time in the black, Reagan proposed a budget of $5,047,000,000 and called for $946 million in increased taxes. The tax...

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