Arnold Schwarzenegger probably has stunk up his Sacramento smoking tent with more than a few celebratory cigars of late. Nine months ago, after a special election wipeout with few parallels in U.S. history, the governor looked like a political shooting star whose time had quickly come and gone. Nowadays, basking in the on-time passage of a generally lauded state budget and facing a charisma-challenged Democratic opponent with big weaknesses on both taxes and the environment, Schwarzenegger appears on a clear path to re-election. Hold your cheers. The conventional wisdom – sure, he punted on addressing that pesky structural deficit for...