The California Democratic Party already makes it prohibitively expensive to run a business in the Golden State, with some of the nation’s highest housing costs, electricity prices, and burdensome environmental regulations. So the state cannot afford to make its business environment worse. But that is what it is doing. On top of the burdens it already heaps on the state’s economic engines, it is slapping yet another expense on California businesses. And this one was caused entirely by Gov. Gavin Newsom‘s (D-CA) inability to pay the state’s bills on time.

Title XII of the Social Security Act authorizes states to borrow money from the Federal........

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