Monday, December 20, 2010

The Reckoning.

This "Sixty Minutes" report will not tell you anything new, but it's a fairly competent overview of the coming collapse of state and municipal finance. Three data points inside the story: (1) Meredith Whitney on the almost unbelievable opacity of state and municipal accounting, (2) Illinois State Troopers can't buy gas on credit because the State of Illinois doesn't pay its bills, and (3) the State of Illinois spends 2x what it takes in in taxes.