In an economic downturn -- in fact, at anytime -- no one disputes that an individual state lacks the capacity of the federal government to stimulate the economy. Not even Jerry Brown, the governor of America's mega-state, whose economy is larger than all but seven nations, disputes that.
"We've got the plan Obama has been looking for -- and if you believe that, I've got a bridge to sell you, too," Brown said recently. Even in a state as large as California, he continued, "we don't have the instruments of massive fiscal capacity that the United States government has."