Monday, June 23, 2008

The Debts of the Spenders: Crisis in Muni Land

It's starting. States are cutting their budgets in areas like
schooling and need based aid. These "sacrifices" are being made to
continue costly entitlement programs to the elderly. Under the cold
calculus of voting, politicians figured that children, young adults,
and poor people are less likely to vote (or buy votes) than the AARP
bloc. Throw in a piss poor muni bond climate and you've got the
beginnings of a perfect storm.