San Francisco's Public Radio Station Argues California Should Have Raised Taxes and/or Cut Spending by $15 Billion in the Recession Following the Collapse of the Tech Bubble

That is the implication of comments by John Myers, a reporter with KQED radio in San Francisco. Myers was interviewed on the occasion of California paying off the last of $15 billion of bonds issued in 2004 to cover a large deficit. When Myers was asked how the bond issue worked out for the state, he responded:

"Well, certainly, the state got through the worst times. But again, in that million dollars a day, every day, for 11 years, that's a lot of interest. I don't think that the voters real...