Posted by Jonathan J. Miller -Monday, October 18, 2010, 8:58 AM
Its a compelling discussion. They’ll be more of this as Yahoo – Dan is the new finance editor.
But as the debate rages on in Washington about whether to enact austerity measures, something interesting is taking place, Dan notes: Cutbacks are already taking hold at the state and local level where school districts are cutting teacher jobs and public transportation rates are rising.
Austerity vs. stimulus is a “convenient political issue for politicians to hammer each other about,” he says. “But the reality is, it is the state governments, it is the counties, it is the local townships that are doing all the slashing.”
I’m thinking the next bailout will be state and local governments.