California's budget went from $215B to $355B in six years. The 'balanced' part? They borrowed $20–40B and called it balanced. The top 1,000 taxpayers pay $22B a year. An average 1–1.5% of AGI leaves the state every year. Unfunded pension liabilities run up to $1.5 trillion. And Friedberg's kicker: if the federal government bails out California, the red states walk.