Commentary Magazine "As alarming as the pension problem is, a more fundamental dysfunction is California’s vigorous, energetic, enthusiastically experimental regulatory environment. Regulation, as much as the tax code, drives businesses and jobs out of the state. Besides creating the artificial drought in the San Joaquin Valley, regulation has shut down entirely such potential sources of revenue as offshore drilling and modernized refineries, while ensuring that the state’s power and water infrastructures will not be adequately updated, and imposing some of the nation’s highest compliance costs on businesses and customers."
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