News
CNN Money | Troubled Harrisburg now state's problem
A federal judge Wednesday dismissed a bankruptcy petition filed by Harrisburg's City Council, saying that it violated state law.
Washington Times | Occupy protests cost nation’s cities at least $13M
During the first two months of the nationwide Occupy protests, the movement that is demanding more out of the wealthiest Americans cost local taxpayers at least $13 million in police overtime and other municipal services, according to a survey by the Associated Press.
NY Times | California Bullet Train Project Advances Amid Cries of Boondoggle
In an unfortunate turn of timing, state officials announced this month that revenues this year were so far behind projections that California was likely to have to impose $2 billion in cuts in January.
Econ Comments
Washington Times | KUHNER: Croatia, the next Greece
Offer of EU membership is a Faustian bargain.
IBD | Mark Steyn: Bailing Out The Titanic With A Thimble
Now that the supercommittee's flopped out, "automatic" mandatory cuts to defense and discretionary spending are supposed to kick in — by 2013. But no doubt as that looming deadline looms the can of worms will be effortlessly kicked down the room another looming deadline or two.
Forbes | It's Time To Gut, Not Cut, The Federal Government
Committees and commissions aren’t necessary to diagnose America’s budget problem. Uncle Sam is spending far more than he takes in. Outlays always seem to increase—and always faster than the rate of inflation—no matter who is in power.
Blogs
Heritage Foundation | Supercommittee Failed, and Spending Is Still the Problem
...in 2021 the federal government will spend 26 percent of the economy, well in excess of its historical average of 20 percent.
WSJ: Real Time Economics | Number of the Week: Germany, France Not Immune to Debt Problems
37,700 euros: Euro zone debt per working-age person in 2011.
Marignal Revolution | Is it easy to guarantee Italian debt?
...there is not enough emphasis on public choice problems and the longer term and the forward-looking nature of markets. The Italian economy does not have per capita growth over the last twelve years, and it is increasingly thinkable it won’t have growth any time soon, even apart from recent problems with aggregate demand. Population is aging and shrinking and institutions remain dysfunctional.
NRO: The Corner | On Pension Reform in the States
Officially, some 41 percent of the pension promises made to state employees are unfunded, and in August the city of Central Falls filed for Chapter 9 bankruptcy protection, citing an $80 million unfunded pension liability.
