California has the worst bond rating in the nation, hovering just above junk bond status. ....................................................... Some people place a portion of California’s debt problem at the feet of voters who approve nearly every bond initiative, from $3 billion for an embryonic stem cell research bond to $10 billion in debt to build a high-speed rail system. It’s hard to blame citizens of the Golden State for voting for debt when the most famous Californian, Governor Arnold Schwarzenegger, proclaims bonds “a gift from the future.” It’s also hard to blame voters for approving bonds when the bond ballot descriptions and...