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The sun sets near the Golden Gate Bridge before a fireworks show during the 75th anniversary celebration of the iconic span in San Francisco, California May 27, 2012.
The sun sets near the Golden Gate Bridge before a fireworks show during the 75th anniversary celebration of the iconic span in San Francisco, California May 27, 2012.
(Robert Galbraith/Reuters)

Who’s the budget basket case – California or Ontario?

California’s reputation as North America’s poster child for government fiscal mismanagement may be misplaced. The biggest (and most indebted) state economy in the U.S. still has its troubles, but it has been righting its ship. If we’re looking for a Titanic headed for an iceberg, Canada’s biggest provincial economy looks like the bigger worry.