Remember the old adage about not wishing for something too much, because you might get it and regret it later? California politics are full of reminders about decisions that ignore long-term consequences. As the energy crisis was unfolding in 2000 and 2001, the state's politicians overspent a one-time windfall of income tax revenue, creating a chronic budget deficit whose multibillion-dollar effects also will be felt for years. Democrat Gray Davis undermined his governorship by botching the energy and budget crises, driving his popularity so low that in 2003 conservative activists launched a recall campaign that ousted Davis and elected Republican...