Newsweek columnist George F. Will takes a look at the "nightmare numbers" behind L.A.'s downward spiral into state-sponsored bankruptcy. From rising unemployment and generous public retirement packages to the declining value of the city's pension assets, the future looks bleak for the City of Angels.

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Construction on California's High Speed Rail project is still years away, but already charges of improper accounting, unauthorized spending and lax oversight are being leveled at its main contractor. Ominously, it's the same company that helped manage Boston's infamous "Big Dig" tunnel fiasco.

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The Small Business Entrepreneurship Council released a report ranking California business taxes as third highest in the nation, behind only New Jersey and Minnesota. California moved up a place this year due to major tax increases recently enacted.

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A new study by the Pacific Research Institute finds California has the nation's highest tax burden. The study also looked at burden of government, ranking California fourth. The authors point out the high burden of government does not translate into high quality services.

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Since the 1950's, state employee unions have steadily gained political power, and they have been aggressive in using it. Flush with funds from their membership dues, these unions have succeeded in becoming one of the state's most powerful political forces and now effectively place into office the very politicians who negotiate their generous contracts.

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