The municipalities were already cutting and paring to meet pension obligations. These authors failed to mention that. They show that municipalities never recovered from t2009, but they never really got out of their pension dilemma either.
They will take a double whammy, but there is no where near enough liquidity to fix the Illinois, California, New Jersey, New York pension. There never was enough to begin with and we knew that in 2009. We constantly knew that, it was constantly a problem dragging the economy. All of this the ayuthors fail to mention.
Should we bail out the states/ I suggested a compromise, but the Godot crowd was too freaked to admit the problem, they were constrained by their unions in one of the great hysterical denials of all time.
So screw you, if you want a pension bailout, then do it honestly and cut the fraud. Krugman and the idiot crew can pile on all they want, but this sudden change means it was only four months ago we the other side was thinking,'When will Krugman and the nutcases begin their bailout plots'. We didn'tt stop thinking, they just got fraudulent.
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