Money quote: "From the mid-1980s to 2005, California's population grew by 10 million, while Medicaid recipients soared by seven million; tax filers paying income taxes rose by just 150,000; and the prison population swelled by 115,000."

Yes, Virginia, you always do run out of other people's money.

In The Wall Street Journal, Stanford professors Michael Boskin and John Cogan write that no one should write off the Golden State, but it will take massive reforms to reverse its economic decline.

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