What California Can Learn From Stockton’s Debt

The Bankrupted City Underscores the Risk of Unchecked Borrowing Habits

Here’s a new maxim for Californians to live by, courtesy of this election: Don’t dismiss apocalyptic warnings from Stockton.

If you’re a Californian with a television or a mailbox, you’re encountering a barrage of ill-advised Stockton dismissals. Specifically, Gov. Jerry Brown, labor unions, and Sacramento building and infrastructure lobbies are trying to defeat a November ballot initiative—Prop 53, which would require voter approval for state revenue bonds of $2 billion or more—by marginalizing it as merely the flawed idea of a rich and selfish “Stockton farmer.”

This messaging turns out to …