The New York Times reported last week that policy makers are working behind the scenes on ways to allow states to declare bankruptcy. States are currently banned from seeking protection in federal bankruptcy court.
One has to wonder if General Motors' bankruptcy outcome will embolden lawmakers to pursue a similar course for states that are overburdened with pension obligations and municipal bond debt. In the case of the GM outcome, union pension obligations were given precedence over creditor claims. The precedents set by the Obama Administration's manipulation of GM's bankruptcy will continue to have far-reaching, negative implications.
Nobody doubts for an instant that rebuilding the New Jersey coastline in the wake of Hurricane Sandy will be costly. But a little over two weeks ago Republican Governor Chris Christie took a step that should make it a good deal less so. On April 15, 
Hurricane Sandy did about $30 billion of property damage to New Jersey communities late last October. And construction unions and their political supporters aren't about to let a good crisis go to waste. In mid-January 
President Obama said in his State of the Union speech last month that he would not “walk away from the promise of clean energy,” and according to a Politico 
Government in Wisconsin, one probably has heard by now, is paralyzed. And the ultimate losers may be future generations of taxpayers. Last Thursday, February 17, up to 25,000 protestors, led by public-sector union officials, 
