3min chapter

Very Serious with Josh Barro cover image

David Schleicher on the Fiscal Whipsaw in State Governments

Very Serious with Josh Barro

CHAPTER

The Importance of State Municipal Government Debt

Every bit of infrastructure that you think of in America is relied on our unbelievably rich and successful municipal bond market. In recent years, though, we've seen a huge flow of debt away from municipal debt to build capital projects. The most prominent of these are unfunded pensions - again, this is like debt in that you have a requirement to pay them in the future.

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