California's Nightmare Will Kill Obamanomics...

Last week, we discovered that the state of California will gladly pay you Tuesday for a hamburger today.With California mired in a budget crisis, largely the result of a political impasse that makes spending cuts and tax increases impossible, Controller John Chiang said the state planned to issue $3.3 billion in IOU’s in July alone.Instead of cash, those who do business with California will get slips of paper....