06/25/2009 05:12 am ET Updated May 25, 2011

Krugman: California Ruined By GOP, Rest Of Nation May Follow

California, it has long been claimed, is where the future happens first. But is that still true? If it is, God help America.

The recession has hit the Golden State hard. The housing bubble was bigger there than almost anywhere else, and the bust has been bigger too. California's unemployment rate, at 11 percent, is the fifth-highest in the nation. And the state's revenues have suffered accordingly.

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