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

deficit, 108
    subprime mortgage excess in, 86
    tax rate hike, 69
    unemployment, 47, 141, 143–44, 169
    unfunded pension fund, 102
    zero state income tax, 165–66
    New Hampshire, S&L crisis, 49
    New Jersey
    consumer debt, 80, 169
    education cuts, 123
    housing boom in, 45
    pension fund borrowing by, 62, 101
    property tax, highest in U.S., 164–65, 169
    state government indebtedness, 80
    unfunded pension fund, 98–99, 104
    New Mexico, poverty level in, 141
    New York
    fracking debate, 159
    housing boom in, 45
    pension fund health of, 102
    state budget cuts, 55
    tax receipts outpaced by spending, 62–63
    New York City
    consumer credit collapse, 75
    population flight from (1950–1980), 180–81
    public employees, excess payments to, 11
    NINJA loans, 41
    North Carolina
    corporations moving to, 173
    education cuts, 59
    job creation in, 202–3
    mobile capital investment in, 169
    North Dakota
    economic boom in, 109–10, 155–56, 180
    employment growth, 159, 161, 169, 199
    housing shortage in, 199
    oil and gas production, 155, 158, 159, 161
    personal income growth in, 159
    Ohio
    mobile capital investment in, 169
    poverty level in, 137
    unfunded pension fund, 104
    Oil and gas production, in central corridor states, 158–61
    Oklahoma
    corporations moving to, 171
    employment growth, 161, 169
    oil and gas production, 159, 161
    Orange County (California) bankruptcy, 186–87, 197–98, 201
    Pawn shops, 85–86
    Pennsylvania
    boom-and-bust cycle, 23, 170
    consumer debt, average in, 169
    mobile capital investment in, 169
    oil and gas production, 159
    taxes, low in, 168–69
    Pension funds.
See
Public employee pension funds
    Pension-obligation bonds, 103–4, 184, 189–90
    Personal income growth, states with, 159–60
    Plath, Tony, 42
    Police department cuts, 129, 131–32, 190
    Population shifts
    andboom-and-bust cycles, 19–20, 25, 169–70
    to lower taxation regions, 168–69, 171
    migration to central corridor states, 27–29, 63–64, 110, 157, 163–64, 177
    to Sand States, during boom, 82
    state tax receipts, impact on, 27–29, 63
    Poverty, 135–45
    breaking cycle, actions for, 144–45
    high-poverty states, 135–37, 141
    rate comparison (2000 and 2010), 142–43
    and unemployment, 137–38, 141–44
    Poverty assistance
    dependency created by, 140, 144
    federal aid/costs related to, 138–40
    program expirations (2013), 140
    states with highest, 138–39
    Prison system cuts, 129–30
    Privatization, 145–51
    arguments against, 149–50
    assets to privatize, 145–48
    economic advantages of, 145–49
    of education, 140–41
    global examples, 146, 147–48
    Indiana example, 145–46, 149–150
    job creation through, 145, 149
    of state park operations, 69–70
    of waste collection, 128–29
    Property taxes
    cap on, California, 61–62, 132, 171
    as factor in home purchase, 79, 168–69
    highest in U.S., 164–65, 169
    hikes after housing bust, 66, 69
    and home price decline, 78–79, 88
    increase during boom, 81–82
    as local government revenue, 64, 66
    and public services, 7, 27, 66, 128
    Public employee pension funds, 89–106
    arguments against high payouts, 91–93, 190, 192–93
    cost-of-living adjustments (COLAs) on, 96, 97–98
    crowding out of state budget by, 92–93, 104–5, 115
    disclosure on unfunded debt (2008–2011), 91, 95, 101–5
    financing of, 97–100
    future scenario for, 115
    investment returns, accounting tricks for, 100–101
    pension-obligation bonds, 103–4, 184
    priority over other spending, 92, 115, 192
    reforms, types of, 102, 105–6, 184–86, 193
    responsible states, 102
    running out of money prediction, 96
    state borrowing from, 62, 65, 95–96, 101, 102–3
    taxpayer responsibility for, 95, 97–98
    unfunded state obligations, 53, 70, 91–92, 98–99, 101–2
    Public employees. See also specific states
    excessive benefits to, 11, 60–61, 81–82, 89–91, 116–17, 132
    incentives for workers, 94–95
    pensions to.
See
Public employee pension funds
    reform of system, 203–5.
See