Jimmy P has discovered a secret GOP plan to push states to declare bankruptcy in order to avoid bailing them out. Like most secret plans, it was splashed all over the Weekly Standard in a piece by David Skeel, and it does make a certain brutal sense:
ARJTurgot2 left this comment on my chart of US taxes:
You are, of course, going to follow up this chart with a second one that comprehensively reflects the changes in State and Local taxes, especially including sales taxes, that have changed since 1950. And that data is going to include things like registration and usage fees, especially gasoline, telecommunications and sin taxes on things like liquor and cigarettes. I understand that is going to vary widely from state to state, so two, perhaps, should be instructive: say New York and California?
When Meredith Whitney released her magnum opus on America’s municipalities in September, there was lots of grumbling about why an expert in financial stocks should be listened to on the subject of municipal bonds. But she’s serious about this: building on the work that she did for that 600-page report, she’s now formally setting herself up as a credit rating agency in direct competition with Moody’s and S&P.
The Daily Beast kicked off this week’s offerings with a slideshow listing “20 Recession-Proof Cities”: the ones with high pay and sustained economic growth. I’m not entirely clear on how to link to any given city on the list, but if you click through you’ll find Harrisburg, Pennsylvania at #7, the very picture of a hale urban center.