Gradually, then suddenly, blue state America is heading for financial disaster

In his famous 20th century novel "The Sun Also Rises," Ernest Hemingway’s character, Mike Campbell, was asked by a friend how his financial ruin had happened. Campbell replied to the question simply, "Two ways. Gradually and then suddenly."

Just a cursory look at today’s headlines and one can see this very idea of "gradually and then suddenly" playing out in the fiscal health of many blue states. California, the poster child for a state heading down the road to financial ruin, is slated...