The Looming Crisis in the States

Spending cuts alone will not solve the states’ fiscal problems. More effective and targeted tax increases, and some help from Washington, are needed. Full Story »

Posted by Kristin Gorski - via AllTop, New York Times (Opinion), New York Times (Most Emailed), New York Times (Editorials)
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Subjects: Local
Member Tags: states (us), budgets and budgeting, governors (us), recession and depression, pensions and retirement plans, New York State, christopher christie, andrew cuomo, dannel malloy, barack obama, government bonds, layoffs and job reductions, taxation, Illinois, Connecticut
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# Diggs: 11 (as of 2010-12-27)
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Posted by: Posted by Kristin Gorski - Dec 25, 2010 - 4:11 PM PST
Reviewed by: Kristin Gorski (review)
Content Type: Article
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Kristin Gorski
3.6
by Kristin Gorski - Dec. 26, 2010

Very important issue to pay attention to and address now.

The city of Prichard, AL was recently featured in news outlets, as it default on pensions for many of its residents have bankrupted some of them and made others homeless. See related links for more on the story.

But cutting spending will not affect the heaviest burden: the accumulated debt that comes from passing off the biggest problems to future generations. States and cities ... More »

See Full Review » (13 answers)

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  • Prichard, Alabama, Finally Defaults On Pensions; Many Municipalities To Follow | Markets Pending

    Posted by Kristin Gorski
  • Alabama Town's Failed Pension Is a Warning

    This struggling small city on the outskirts of Mobile was warned for years that if it did nothing, its pension fund would run out of money by 2009. Right on schedule, its fund ...
    Posted by Kaizar Campwala