Today I discussed on Fox Business the stress that states like NJ and NY are facing from a combination of a continuing fiscal squeeze thanks to the sluggish economy and the need to rebuild after Hurricane Sandy. The discussion was based on a column I wrote last week where I noted that states and cities have increasingly spent money in inessential but politically popular infrastructure projects while neglecting the kind of spending that would better protect communities from such events. And of course state and municipal budgets are increasingly weighed down by the promises politicians made to state workers which they never bothered to fund, producing long-term debt that will make new investments in important protective infrastructure even more difficult to fund in coming years.
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