The recent bankruptcies of Stockton and San Bernardino have again highlighted the fragility of many California cities’ finances. In each case, the burden of public pensions has been blamed for the financial problems. However true that may be in the short run, the pension blame game masks another, deeper problem for the state’s taxpayers: the…
Category: Austerity
The euro zone crisis: The tightest purses | The Economist
Not urban, but a look at national degrees of “austerity” by the numbers. The Economist looks All the numbers are as a per cent of GDP and all represent tighter policy. 2012 2013 France 1.1 2.1 Germany…
Nuances of crime in a time of austerity and fear
First Recession, Then Crime and Fear – NYTimes.com.
Fitch weighs in on Michigan’s Emergency Manager law
Fitch Ratings issued a press release on the situation with Michigan’s Emergency Manager law (right now the court is weighing whether to put on the fall ballot a measure to repeal the current version of the emergency manager law, under which Detroit’s consent agreement with the state). Ratings agencies have been vocal about Detroit’s troubles,…
Local Finances in New York State
New York’s State Comptroller has issued a report on local government finances that sounds a strong alarm. Local governments across New York State are collecting less in taxes, burning through their cash reserves and running up deficits. Differing visions emerge of where this leaves local governments, and the state: As he has in the past,…