Looking at the budget crisis, Governor Schwarzenegger has ordered a temporary reduction of the salaries of 200,000 state employees to the minimum wage. This gesture is largely symbolic, for it will probably not last very long. Meanwhile, the governor is scheming to borrow $9.3 billion more in the form of a water bond. Some commentators have pointed out this disconnect, but Schwarzenegger has consistently championed bonds while claiming fiscal discipline. He campaigned in 2003 on a platform...