Ezra Kleinv of the Washington Post writes about what has and is still happening in California may soon happen in other States including New York.

“We Californians pride ourselves on the crystal-ball quality of our state. Auto emissions regulations, the tech boom and bust, Ronald Reagan, Hispanic immigration, the anti-tax revolt, the mortgage bubble, the struggle for gay rights, most movies, the popularity of Richard Nixon, the unpopularity of Richard Nixon, plastic surgery, and Tiger Woods’s marital problems were all tested in the Golden State before being released to audiences nationwide.

The next likely item on that list is not a happy one, however. California is in a total fiscal crisis. It’s had to slash state services to the bone and will have to cut further. It’s gutted the University of California and lost its credit rating. David Paterson, the governor of New York, casually mentioned that he thinks California might default on its debt. That’s bad enough, as it could drag down the national recovery. But what’s worse is that this picture is probably coming to a theater near, well, all of us.”

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