Long-term debt obligations. Bond interest rates. Pension liabilities. These words may make your eyes glaze over, but it might be time to sit up at attention. State governors from across the country met in Boston last weekend at the National Governors Association meeting, and their fiscal woes were at the top of the agenda.
Bruising budget battles in individual states have gotten most of the headlines, but as WNYC’s Bob Hennelly explains, there’s a deeper problem looming. Lawmakers have relied on borrowing to patch together budget fixes year after year, and the growing hole is starting to worry investors. That could ultimately mean big changes to what states can afford.
In Harrisburg, Pa., City Controller Dan Miller says he would prefer filing for bankruptcy before turning to Act 47. We talk with Miller about struggling cities in Pennyslvania and their plans to avoid a deepening financial crisis.
At The World, we believe strongly that human-centered journalism is at the heart of an informed public and a strong democracy. We see democracy and journalism as two sides of the same coin. If you care about one, it is imperative to care about the other.
Every day, our nonprofit newsroom seeks to inform and empower listeners and hold the powerful accountable. Neither would be possible without the support of listeners like you. If you believe in our work, will you give today? We need your help now more than ever!