The Volcker Alliance, founded by former Fed chairman Paul Volcker has sounded an alarm over budget gimmicks. The alliance seeks Truth and Integrity in State Budgeting. In the report, the Volcker Alliance examines in detail the budgeting practices of California, New Jersey and Virginia, assessing the effectiveness of each state’s practices. The report highlights the...

Editor’s note:  Mike Shedlock has done it again by pointing us at an important new study that examines and ranks the financial condition of the 50 U.S. state governments, as well as at a terrific map generated by the data. But missing from the study was a consolidation of state and local government financials –...

It is truly pathetic watching politicians flop like fish out of water trying to prevent something that was clearly inevitable long ago. Please consider Moody’s warns of bankruptcy in Scranton as city faces $20 million budget gap.  Moody’s warned investors that Scranton could be facing the threat of default or bankruptcy thanks to a $20 million...