“California boasts one of the world’s largest economies, but the state’s reputation is tarnished by a tax system that is often volatile, by a budget process that tends toward gridlock and by a habit of borrowing when it can’t balance the books,” reports The San Francisco Chronicle.

“All of which helps explain why California has the lowest bond rating of the 50 states — a dubious distinction it might soon surrender to Louisiana, which can blame its predicament on natural — not politically inflicted — causes.”