Here's a rule of thumb for interpreting news media coverage of state and local fiscal crises: the further away the crisis is, the more likely the news account will portray the officials reponsible as victims of economic forces beyond their control. Read More
The dubious pension "amortization" that was the subject was defeated on the floor of the state Senate in the early hours of this morning. Senate sources say the vote was 34-28, with four five Read More
It seems likely the will take up and re-pass all the bills approved during its legally questionable June 30 "session," perhaps as soon as this evening. While the governor and others have described the bills awaiting Senate action for the past month Read More
The retail-sales report for June contains two bits of information that aren't great for New York. Read More
Wall Street may have one last party, and it could come at the expense of its hometown and home state getting their houses in order. New York could better get on with life if President Obama and Congress would figure out how they're going to approac Read More
Today’s New York Times that state and local government tax-funded pension contributions in New York may triple over the next five years should come as no surprise to anyone who has made an effort to understand the current system and its p Read More
Last week, Fiscal Watch if the $3.2 billion in IOUs that the State of California is issuing in lieu of cash payments are Constituti Read More
California is printing up $3.2 billion worth of "IOUs" to send to vendors and to people expecting cash payments from the state, including taxpayers due rebates for overpayment. Is this legal? Read More