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European Central Bank
Greek debt and California debt: so very different
Greek debt and California debt: so very different

The Times' editorial Tuesday about Greek voters rebelling against the austerity measures demanded by international authorities led several readers to liken Greece's budget problems to those closer to home. "The benefits of a democracy in voting to continue living vicariously off of the socialist system with other people's money. Kind of looks like California," wrote one pseudonymous commenter. "Every time Greece appears in the news, I see California," wrote another. The editorial didn't make any such comparison because it's, well, ridiculous. The simplest measure of Greece's troubles is the ratio of its outstanding debt -- about...