Pension Crisis

June 15, 2010

• Municipal Debt Racket: State and Local Borrowing as a Percentage of GDP Has Risen to an All-Time High

  The Wall Street Journal Reports: Governments have loaded up on debt, stretched out repayment times, and used slick maneuvers to avoid constitutional borrowing limits. While the country’s economic troubles have helped expose some of these practices, a sharp decline in tax revenues has prompted more abuse as politicians use long-term debt to kick short-term fiscal [...]