An Opinion Worth Considering

Here's a pessimistic and/or perhaps realistic -- depending on one's optimism/pessimism quotient -- view of where we are in the recovery and what it's going to take to get out of it.  In a related matter Professor Brainbridge weighs in here on the California debt problem with many interesting POVs in the comment section.  California's issues are daunting and may involve repudiation of debt in order to get back on an even keel as a prelude to growth.  What a mess out-of-control spending has caused in this state.