Is California Getting Unfairly Dinged?

Last week both Moody’s and Standard and Poor’s warned California that it’s in store for downgrades of its credit ratings, already the lowest of any state and approaching the junk-bond status. That’s led to a lot of California bashing. On top of that, Republicans and Democrats in Washington are condescending to the Golden State, and the Obama Administration refuses to guarantee state bonds. Joe Mathews, Irvine Senior Fellow at the New America Foundation, is a contributor to the Washington Post and Los Angeles Times.