Budgets

Jan
14
Can California kill the Golden Goose?

Can California kill the Golden Goose?

Among the tax fights in Washington, none has been more heated than the State and Local Tax (SALT) deduction. But
4 min read
Nov
05
California needs to forget rainy day funds and buy an ark

California needs to forget rainy day funds and buy an ark

It’s been a hard year of environmental events in the West. Surely it will seem odd to the current residents to think that they have been lucky. But they have.
3 min read
Nov
23
New State Ratings: AA(Red) and AA(Blue)?

New State Ratings: AA(Red) and AA(Blue)?

Dr. Philip Fischer shares his thesis that among other things, elections are economic statements. This presidential election seems to be telling us that the states are bifurcating. The data supports this and bond ratings should reflect it directly.
4 min read
Oct
28
A Nation of Hoarders Passes the Tipping Point – Pay Attention to the States

A Nation of Hoarders Passes the Tipping Point – Pay Attention to the States

States built up rainy day funds, which were clearly inadequate. Unless the Congress moves to help them, they will be cutting programs and rainy day funds in the future will dramatically expand as the states hoard money to protect their current level of expenditures.
4 min read
Aug
29
Unemployment Messages to the Cities

Unemployment Messages to the Cities

Dr. Philip Fischer provides an assessment of current unemployment, saying that the focus of the unemployment problem is going to be the city’s, which are facing deep population problems.
3 min read
Jul
20
Understanding the MMT Curve

Understanding the MMT Curve

Dr. Philip Fischer provides a way to explain the current steepening of the triple AAA GO curve. He contends that it reflects expected inflationary pressures from large treasury deficits.
3 min read
Jun
19
Big Muni Spreads Don’t Mean Big Defaults

Big Muni Spreads Don’t Mean Big Defaults

Dr. Philip Fischer provides a novel approach to muni bond spread analysis and concludes that widening spreads do not necessarily imply increased expected default rates.
4 min read
May
26
A Quick Take on State Finances - Waiting for Godot

A Quick Take on State Finances - Waiting for Godot

Dr. Philip Fischer gives a quick take on where we are headed in state and local finances. No matter how you cut it, it’s a long slog for the states.
1 min read