The Texas Omen

Paul Krugman, New York TimesThese are tough times for state governments. Huge deficits loom almost everywhere, from California to New York, from New Jersey to Texas.Wait — Texas? Wasn’t Texas supposed to be thriving even as the rest of America suffered? Didn’t its governor declare, during his re-election campaign, that “we have billions in surplus”? Yes, it was, and yes, he did. But reality has now intruded, in the form of a deficit expected to run as high as $25 billion over the next two years.

Mila Kunis Milla Jovovich Minka Kelly