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Five States’ Slumping Financial Conditions Reflect Widespread Pension Problems

Financial conditions in many states have shown improvement in the years since the recession began in 2008, but the economies of Connecticut, Hawaii, Illinois, Massachusetts, and New Jersey have continued to deteriorate. These five states are being called “sinkholes” because they have the highest debt per taxpayer after available assets are tapped.  The ‘Sinkhole States’ In 2013, each Massachusetts taxpayer was liable for $28,000 in debt per person. In New Jersey, each taxpayer was...

Falling Prey to the Fallacy of “Tailgate Economics”

St. Louis, Missouri is in danger of losing its football team as city and state officials work feverishly on plans for a new publicly financed state-of-the-art stadium. The team’s owner sees greener pastures out west, and after years of subpar play on the field, fan support is tepid. However, this story is not about the St. Louis Rams. It’s about the 1988 St. Louis football Cardinals. St. Louis and the state of Missouri built them a new stadium, Busch Memorial, with taxpayer money. Economics and...

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