While much attention has been paid to Kentucky's revenue "shortfall," little has been focused on overspending, and even less on debt and mounting future obligations, California continues to provide a glimpse of fiscal ruination yet to come.
President Barack Obama probably has his "we have no choice" speech ready to roll for California. Kentucky's big spenders are watching and being incentivized.
Monday, April 20, 2009
Bailing out the states, take two
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