Over the last several weeks, we’ve been watching a very strange race to the bottom between two very fiscally-troubled states, Illinois and Connecticut, where the state government of each seems intent on becoming the first U.S. state to crash its credit rating all the way down to junk status. It looks like Illinois’ state…
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First, it was Greece circling the drain. Today, it’s Italy that’s getting set to enter the national-debt death spiral. Via ZeroHedge (original source misspellings not corrected): Euphoria may have returned briefly courtesy of yet another promise for a resignation that will likely not be effectuated for weeks or months, if at all, and already…
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In a new article for the Wall Street Journal, “We’ve Become a Nation of Takers, Not Makers,” Stephen Moore discusses that “More Americans work for the government than in manufacturing, farming, fishing, forestry, mining and utilities combined.” If you want to understand better why so many states—from New York to Wisconsin to California—are teetering…
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As the Wall Street Journal reports in an article by Mark Whitehouse, “Number of the Week: $10.2 Trillion in Global Borrowing”: $10.2 trillion: The amount of money advanced-nation governments will need to borrow in 2011 As the debts of advanced countries rise to levels not seen since the aftermath of World War II, it’s…
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