In boom-or-bust California, a $54 billion dollar budget deficit has given way to an unprecedented $75 billion dollar surplus (not counting another $26 billion in federal stimulus money). Lee Ohanian, a Hoover Institution senior fellow and contributor to Hoover’s “California On Your Mind” web channel, examines the Golden State’s choices of what do to with the windfall – most notably, a $600 “rebate” to some tax-filers – and recounts how he made international news for economic advice given to a candidate vying to replace Newsom in the recall election.

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