At next year’s parades marking the centenary of the Progressives’ triumph, confetti suppliers and marching bands may have to be paid with IOU’s instead of cash. California’s bonds are rated lower than any other state’s; its budget deficit, relative to the size of the state’s population, is higher than any other’s. The current recession is the proximate cause of California’s crisis, but other states devastated by the economic downturn, such as New York and Florida—even Michigan—face choices about taxes and spending that are far less dire. A growing number of observers argue that California’s real problem is that it has become ungovernable. Kevin Starr, for example, who just published the eighth volume in his comprehensive history of the Golden State, recently told an interviewer, “In our public life, we’re on the verge of being a failed state, and no state has failed in the history of this country.”