Bond subsidies and transfers have allowed states to avoid making tough decisions. It won't last.
By MEREDITH WHITNEY
The threat posed by the state fiscal crisis in the U.S. is vastly underestimated and under-appreciated—because even today too few people understand how states have been managing their finances.
http://online.wsj.com/article/SB10001424052702304173704575578203887408076.html
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