The Once-a-Decade Crisis

‘What do we do now?” That was the question on the lips of Ronald Reagan’s inner circle the day after he won his first landslide election as governor of California in 1966. In 2003, people aren’t waiting for the election to turn their thoughts toward figuring out how to climb out of California’s fiscal abyss. Democrats want to raise taxes; no news there. Republicans want to cut spending, but are vague on details, as Arnold Schwarzenegger admitted at his first press conference.

Mr. Hayward is a resident scholar at the American Enterprise Institute in Washington and a senior fellow at the Pacific Research Institute in San Francisco.

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Steven F. Hayward

Steven F. Hayward is the Edward Gaylord Distinguished Visiting Professor at Pepperdine University School of Public Policy.

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Arnold Schwarzenegger

‘What do we do now?” That was the question on the lips of Ronald Reagan’s inner circle the day after he won his first landslide election as governor of California in 1966. In 2003, people aren’t waiting for the election to turn their thoughts toward figuring out how to climb out of California’s fiscal abyss. Democrats want to raise taxes; no news there. Republicans want to cut spending, but are vague on details, as Arnold Schwarzenegger admitted at his first press conference.

Mr. Hayward is a resident scholar at the American Enterprise Institute in Washington and a senior fellow at the Pacific Research Institute in San Francisco.