Last month's $167 billion dollar budget deal forged by Gov. Jerry Brown and California lawmakers is four times as large in per capita terms as it was in the early 1960s under Brown's father, Gov. Pat Brown. But despite spending less, the budgets of yesteryear contributed considerably more to economic growth.
In his State of the Union address last Tuesday, and in speeches across the country since, President Obama has emphasized that Washington needs to "do more to help the entrepreneurs and small business owners who create most new jobs in America." He's right.
President Obama argues that the election gave him a mandate to raise taxes on high earners, and the White House indicates that he won't compromise on this issue as the so-called fiscal cliff approaches.