Fate of the States: The New Geography of American Prosperity Read Online Free

47, 82
    states, overall impacts on, 6–11, 49, 57–59, 88
    states negatively impacted.
See
Housing-bust states
    states not affected by.
See
Central corridor states
    and unemployment, 7, 9, 142–44
    Housing-bust states. See also specific states
    bankrupt cities/municipalities, 186–93
    debt per capita in, 81, 83–85, 162
    Greek crisis compared with, 116
    list of, 6–7, 26, 44
    population flight from, 27–29, 63–64, 157
    public services decline in, 9, 10–11, 26–27, 110
    states with contraction versus collapse, 87
    assubprime-loan targets, 7
    total liabilities (2011), 111–13
    Illinois
    consumer debt, average in, 169
    debt per capita in, 96
    education cuts, 123
    pension-obligation bond debt, 103–4
    tax rate hike, 9, 69, 173
    Indiana
    bid to lure business/people to, 172–74
    consumer debt, average in, 169
    corporations moving to, 171
    debt per capita in, 96
    education spending increase, 132–33
    financial recovery tactics, 145–46, 149–50, 174
    mobile capital investment in, 169
    privatization of services in, 145–46, 149–50
    Industrial Revolution, 20–22
    Infrastructure
    new, in central corridor states, 200–201
    privatization of services for, 145–46, 147–48
    Iowa
    consumer credit gains in, 76
    economic boom in, 109, 156, 180
    Jefferson County (Alabama) bankruptcy, 65, 187–89
    Job creation
    in bad economy, 202–3
    and job training, 144–45, 202–3
    and privatization, 145, 149
    Job training
    cuts to programs, 124, 140
    necessity for, 144–45, 202–3
    JPMorgan Chase, 41
    Kentucky, poverty level in, 141
    Las Vegas
    home price decline, 108
    housing boom in, 107–8
    population flight from, 181
    subprime mortgage excess in, 86
    Lehman Brothers, 47
    Libraries, cuts and closings, 124–27
    Local governments
    programs/services cutbacks, 55
    property tax hikes, 66, 69
    public service delivery by, 66
    revenue, sources of, 64, 66
    state government transfers to (2010), 67
    state revenue cuts to, 55, 64, 72, 110
    Lottery laws, 69
    Louisiana
    corporations moving to, 173
    economic boom in, 156
    employment growth, 169
    oil and gas production, 159
    personal income growth in, 159
    poverty level in, 137, 141
    Mammoth Lakes (California) bankruptcy, 114, 190–91
    Manufacturing jobs
    decline of, 5
    rise in central corridor states, 8, 17–18, 25, 109
    Maryland, tax rate hike, 69
    Massachusetts
    boom-and-bust cycle, 20–23, 25
    boom-time spending excess, 58
    education cuts, 58
    Medicaid
    federal aid to states for, 138
    increase in enrollees/expense, 59, 65, 119
    Michigan
    education cuts, 123
    emergency management measures, 114, 140–41
    library closings, 125–26
    poverty level in, 137
    welfare assistance spending, 139
    Mississippi
    boom-and-bust cycle, 20, 32
    poverty level in, 135–36, 141
    tax-supported liabilities of, 136
    Mobile capital investment, 169
    Mortgage-backed securities
    collapse of market, 3–6, 48
    creation and sale of, 2–3, 40, 82
    Greenspan connection to, 39
    Mortgage loans
    adjustable-rate.
See
Adjustable-rate mortgages (ARMs)
    Canadian system, 35–36
    interest tax deduction, 35
    irresponsible lending.
See
Subprime loans
    loan modification programs, 34
    postcollapse conditions for, 48–49
    in U.S., historical view, 33–43
    Municipal bankruptcy
    bankrupt cities/municipalities, 60–61, 113–14, 186–93
    priority payments after, 106, 186, 187, 192
    Municipal bonds
    bankruptcy and payouts, 106, 186, 187, 190
    defaults on, 114–15, 183–84, 195–97
    new issues (2010– ), 70–71
    payouts by state residents, 77–78, 198
    as revenue source, 65, 71
    Nebraska, economic boom in, 156
    Negative equity
    defined, 7, 108
    states with, 79, 86, 108, 162
    Nevada
    boom-time spending excess, 56
    consumer debt problem, 74
    education cuts, 108–9, 117
    home price decline, 87, 108
    home price escalation, 108
    housing boom in, 45–47, 107–8
    housing bust impacts, 108–9
    mortgage credit, limits on, 86
    negative equity in, 86, 108
    poverty level in, 137, 141
    state budget cuts, 55
    state budget