Does CA Drought Mean No Growth? Bill Fulton Says No

"California doesn't have an infinite amount of water, but we do have a lot of water sloshing around the system. There's probably enough to handle another generation of growth. The question is who gets to use the water, and for what. But few of the players have much political motivation to frame the issue this way."

Instead, the cry is always that California doesn't have enough for growth and, therefore, must either limit growth or find new water sources. This argument, no matter which side you're on, assumes the future will be like the past. But the future may be very different.

"With water – as with so many other environmental issues in this age of global warming – our best hope lies not with stopping other people from crossing the border, or from taking Navy showers, but with making wise capital investments that will allow us to use that water more efficiently."