Now Is the Time for California to Think Big, Again

Will the State Use This Moment to Be Ambitious—Or Shrink Back Into Its Old Habit of Budget Cuts?

Coronavirus is forcing Californians to isolate themselves. But it has brought us together in one big way: by fusing all of our biggest problems into one colossal crisis.

That crisis could be our once-in-a-lifetime opportunity to transform the state—if we can ignore the conventional wisdom that this is a time to shelter our ambitions in place.

For Californians, COVID-19 is a crisis of crises. It merges together a collection of failures that most of us consider separately—housing, energy, poverty, prisons, courts, schools, climate, health care, immigration, pensions, taxes and budgets, and …

The Bad News Behind California’s Good Times | Zocalo Public Square • Arizona State University • Smithsonian

The Bad News Behind California’s Good Times

Economic Busts Are Bad in the Golden State, but Booms Can Be Even Worse

Californians, being tougher than we look, have always found ways to survive our economic busts.

It’s the booms that bring us to our breaking point.

This essential truth is being missed in …

America Takes a Capitalist Licking and Keeps on Ticking

The U.S. Owes Its Prosperity, in Part, to Its Tolerance for Bad Times, Says The Economist’s Adrian Wooldridge

The United States enjoys a special place atop the global economic heap, driven in large by Americans’ willingness to embrace change—even when it hurts.

But the country’s remarkable run could be …

What George Bailey’s Building and Loan Company Can Still Teach Us About Banking

In His Time and Ours, Big Lenders Often Get a Pass, While Small Banks and the Communities They Serve Are Left Vulnerable

The bank run scene in It’s a Wonderful Life always makes me cry real tears. If you care about America, you should love the scene too—and not just because it …

Frank Capra’s Formula for Taming American Capitalism

It’s a Wonderful Life Prescribed Community and Empathy as the Remedy to a Callous Economic System

From the Gilded Age and until well into the Great Depression, Americans engaged in one of the most consequential debates in the country’s history: how best to address the economic …

Why Tariffs Have Backfired Throughout American History

As a U.S. Trade War With China Escalates, the Only Guarantee Is Unexpected Aftershocks

In a truly iconic scene from the 1980s comedy Ferris Bueller’s Day Off, a high school economics teacher played by Ben Stein fails to elicit even a muscle twitch from …