state budget deficits

Federal tax giveaways to industries have received much criticism, but the relocation incentives offered by states may be the most counterproductive of all corporate subsidies.

Balancing the budget isn't just a federal problem -- it's a state one, too. The Great Recession resulted in some of the lowest state revenues in years, and some of the biggest budget shortfalls ever -- in some cases, into the billions of dollars.

Wall Street and the media have been fixated with the debt crises in countries such as Greece, Portugal and Ireland. But we're not hearing nearly enough about a much bigger economy closer to home that's on the brink of disaster. We're talking about California -- the eighth largest economy in the...