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    Morning Bell: Stop the State Bailouts Before They Start

    Hamtramck, Michigan, is running out of money. City Manager William Cooper tells The New York Times: “We can make it until March 1—maybe.” And Hamtramck is not alone. According to the Times, 15 municipalities have pursued bankruptcy in the past two years. And if the economy does not improve revenues, … More

    Bailouts or Bankruptcy for State and Local Government Pension Problems?

    The year 2011 will be the year of decision for underfunded state and local governments with pension and debt problems. The end of federal money from the stimulus package that many cities and states have used to prop up their finances, combined with the outsized cost of meeting their pension … More

    No Federal Bailouts for State and Local Government Pension Problems

    There is bad news and worse news for state governments faced with underfunded pension promises. First, a new academic study shows that not only is the total gap between the pensions that state governments have promised to pay their employees and the available resources much larger than previous estimates, but … More

    Taxpayers Benefit from SEC Action Against Lying about State Pension Underfunding

    The fact is that New Jersey lied and got caught, but taxpayers everywhere may benefit. Yesterday, the State of New Jersey settled with the SEC on charges that the state committed securities fraud by failing to disclose the true state of its state employees pension funds. This admission is an … More

    Why Is Congress Intent on Helping Unions Bankrupt Our Country?

    Stephen Moore has a must read article in the Weekly Standard this week detailing not only how public sector unions have bankrupted the city of Vallejo, California, but also demonstrating that local governments nation wide are also at risk. noting that 80% of Vallejo’s budget is eaten up by labor … More