Should California borrow more or tax more?

The state budget that Gov. Gavin Newsom signed earlier this summer had been hastily adjusted to cope with projections that state revenues would plummet by tens of billions of dollars due to the COVID-19 pandemic and the sudden recession it sparked.
Nevertheless, it was a budget based on hope — that the federal government would provide as much as $14 billion in emergency aid so some spending could be restored, and that the recession would be relatively brief.
In the final month of the 2020