Word has it that Gov. Schwarzenegger is seriously considering a $100-billion infrastructure bond, causing many to ask, “Can we afford this?” The answer is an emphatic no, even though California’s fiscal picture is slightly better than it has been in recent years. That can be attributed to a generally healthy economy funneling billions into state coffers. Structurally, however, California remains in poor condition as the state continues to pay for past mistakes such as spending sprees during the Davis era. This locked California into obligations that were only sustainable with the tremendous tax-revenue growth of the late 1990s. Predictably, the...