Aside from the issues of a potential violation of the
Constitution, the costs, and the effect on the state's municipal bonds, and the
question of who in a state could declare bankruptcy for the state, a state
filing for bankruptcy should raise concerns for every American. Over a trillion
We now know, after the re-election of Governor
Perry, that Texas has a budget deficit of an estimated 27 billion dollars and
we are now in the same boat as is New York, California and New Jersey.
Because of this state level economic disaster, as opposed to the national level
economic disaster, some...
In late September, Philadelphia Mayor Michael Nutter and
a small group of other big-city mayors met with reporters at the National Press
Club in Washington D.C. to enlist them in a campaign to pressure Congress to
forestall fiscal calamity. The mayors worried that the election was...