January 6, 2011

DIRE STATES: Deep in debt, most governors will have to either raise taxes or cut spending— exactly what not to do when recovering from a recession. For most, the spending cuts are going to have to take priority. “Neither taxpayers nor bondholders will fund ever-increasing spending. It can’t go on forever; it will stop.” Yes, that rule from Herb Stein — things that can’t go on forever, won’t — is the defining rule of this age.

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