All Commentary
Thursday, February 9, 2012

Surplus Surprises Michigan, but Is It Safe to Spend Again?

“Now, however, as a majority of states have begun collecting tax revenues that are on par with or even above expectations, they face some measure of Michigan’s situation — trying to sort out whether the worst is really over, whether it is safe to start spending again, or whether a rainy day fund may be the prudent course.” (New York Times)

 Wait, so “severe” (read: some) budget cuts didn’t send these states into permanent, irreversible decline?  Inconceivable!

FEE Timely Classic

The Depression You’ve Never Heard of: 1920-1921” by Robert P. Murphy