Fate of the States: The New Geography of American Prosperity (21 page)

30.
  U.S. Department of Commerce, U.S. Census Bureau, State Government Finances, Historical Data: 2000, “Summary Table,” http://www.census.gov//govs/state/historical_data_2000.html; U.S. Department of Commerce, U.S. Census Bureau, State Government Finances, Historical Data: 2010, “Summary Table,” http://www.census.gov//govs/state/historical_data_2010.html.

31.
  U.S. Department of Commerce, Bureau of Economic Analysis, “Regional Economic Accounts: GDP and Personal Income,” http://www.bea.gov/iTable/iTable.cfm?reqid=70&step=1&isuri=1&acrdn=1#reqid=70&step=1&isuri=1/; U.S. Department of Labor, Bureau of Labor Statistics, Archived News Releases|Regional and State Employment and Unemployment, http://www.bls.gov/schedule/archives/laus_nr.htm.

32.
  Katalina M. Bianco, “The Subprime Lending Crisis: Causes and Effects of the Mortgage Meltdown,”
CCH,
2008, http://www.business.cch.com/bankingfinance/focus/news/Subprime_WP_rev.pdf.

33.
  Federal Housing Finance Agency, news release, February 26, 2013, http://www.fhfa.gov/webfiles/25010/2012Q4HPI.pdf; Federal Housing Finance Agency, Historical HPI:Cities, http://www.fhfa.gov/webfiles/24979/4q12hpicbsapo.txt.

34.
  Federal Housing Finance Agency, Downloadable Data, Purchase Only Indexes: U.S. Summary through 2012Q4, http://www.fhfa.gov/Default.aspx?Page=87, http://www.fhfa.gov/webfiles/24974/4q12POSummary.xls.

35.
  Ben S. Bernanke, “Challenges in Housing and Mortgage Markets,” Operation HOPE Global Financial Dignity Summit, November 15, 2012, http://www.federalreserve.gov/newsevents/speech/bernanke20121115a.htm.

36.
  Kevin Landrigan, “Recession Hit NH, NE Hardest in ’90s,”
Nashua Telegraph,
December 27, 2010, http://www.nhpolicy.org/news/recession_hit_nh_ne_hardest.pdf; Federal Housing Finance Agency, “House Price Index: State HPI Comparisons,” http://www.fhfa.gov/Default.aspx?Page=215&Type=compare&Area1=NH&Area2=&Area3=; U.S. Department of Labor, Bureau of Labor Statistics, Archived News Releases|Regional and State Employment and Unemployment, http://www.bls.gov/schedule/archives/laus_nr.htm.

37.
  Christopher Chantrill, “Compare State and Local Spending,”
USGovernmentSpending.com,
http://www.usgovernmentspending.com/compare_state_spending_2012bF0a.

38.
  Federal Deposit Insurance Corporation, Statistics on Banking, http://www2.fdic.gov/SDI/SOB/.

Chapter 3: States Gone Wild

1.
  Governmental Accounting Standards Board of the Financial Accounting Foundation, “GASB Reconciles Disclosure Requirements for Governmental Pension and OPEB Reporting,” June 2007, http://www.gasb.org/cs/BlobServer?blobkey=id&blobwhere=1175820457306&blobheader=application%2Fpdf&blobcol=urldata&blobtable=MungoBlobs.

2.
  John Cornyn, “Sen. John Cornyn Says 49 States Have a Balanced Budget Amendment in Their State Constituitions,” December 1, 2010, http://www.politifact.com/texas/statements/2010/dec/25/john-cornyn/sen-john-cornyn-says-49-states-have-balanced-budge/; National Governors Association and National Association of State Budget Officers, “The Fiscal Survey of States,” Fall 2012, http://www.nasbo.org/sites/default/files/Fall%202012%20Fiscal%20Survey%20of%20States.pdf.

3.
  Laura Myers, “Legislation Aims to Aid Mentally Ill in Nevada,”
Las Vegas Review-Journal,
January 27, 2013, http://www.lvrj.com/news/legislation-aims-to-aid-mentally-ill-in-nevada-188558511.html; Scott Waldman, “SUNY Fee Idea Off the Table,”
Times Union,
January 11, 2013, http://www.timesunion.com/local/article/SUNY-fee-idea-off-the-table-4187351.php; “Washington’s Per-Student Investment Continues to Decline Compared to Other States,”
Lake Stevens Journal,
January 14, 2013, http://www.lakestevensjournal.com/county-state/article.exm/2013-01-14_washington_s_per_student_investment_continues_to_decline_compared_to_other_states.

4.
  Elizabeth McNichol, “Out of Balance: Cuts in Services Have Been States’ Primary Response to Budget Gaps, Harming the Nation’s Economy,” Center on Budget and Policy Priorities, April 18, 2012, http://www.cbpp.org/cms/index.cfm?fa=view&id=3747.

5.
  U.S. Department of Commerce, U.S. Census Bureau, State and Local Government Finances, “State and Local Government Finance Summary Report,” http://www.census.gov/govs/estimate/.

6.
  U.S. Department of Commerce, U.S. Census Bureau, “State Government Finances: Historical Data: 2010,” http://www.census.gov/govs/state/historical_data_2010.html; U.S. Department of Commerce, U.S. Census Bureau, “State Government Finances: Historical Data: 2000,” http://www.census.gov/govs/state/historical_data_2000.html.

7.
  Laura Kinsler, “State Budget Provides $1 Million for Lacoochee Club,”
Tampa Tribune,
April 18, 2012, http://www2.tbo.com/news/politics/2012/apr/18/1/panewso1-state-funding-for-county-survives-ar-393605/.

8.
  U.S. Department of Commerce, U.S. Census Bureau, “State Government Tax Collections: 2008 Annual Survey of State Government Tax Collections,”
http://www.census.gov/govs/statetax/historical_data_2008.html.

9.
  Dan Atkinson, “Dollars Don’t Measure New Newton North High School’s Full Cost,”
Wicked Local
Newton,
June 2, 2010, http://www.wickedlocal.com/newton/news/x709124874/Dollars-dont-measure-new-Newton-North-High-Schools-true-cost?zc_p= 0#axzz2Kq0GCUpw.

10.
  U.S. Department of Commerce, U.S. Census Bureau, “State Government Tax Collections: 2009 Annual Survey of State Government Tax Collections,”
http://www.census.gov/govs/statetax/historical_data_2009.html; U.S. Department of Commerce, Bureau of Economic Analysis..

11.
  Michael Cooper, “Recession Tightens Grip on State Tax Revenues,”
New York Times,
February 22, 2010, http://www.nytimes.com/2010/02/23/us/23states.html.

12.
  Reuters, “State Budgets Spring New, Smaller Holes,” May 24, 2012; Phil Oliff, Chris Mai, and Vincent Palacios, “States Continue to Feel Recession’s Impact,” Center on Budget and Policy Priorities,
June 27, 2012; U.S. Department of Education, “Condition of Education 2012.”

13.
 
Public School Forum’s Friday Report
14, no. 40 (April 5, 2012), http://www.ncforum.org/doclib/2012_0405.pdf.

14.
  Allysia Finley, “California Prison Academy: Better Than a Harvard Degree,”
Wall Street Journal,
April 30, 2011, http://online.wsj.com/article/SB10001424052748704132204576285471510530398.html.

15.
  “Income for Life,”
CNNMoney,
http://cgi.money.cnn.com/tools/annuities/.

16.
  Steven Malanga, “How Stockton, California Went Broke in Plain Sight,”
Wall Street Journal,
March 30, 2012, http://online.wsj.com/article/SB10001424052702303404704577309231747497906.html.

17.
  Mary Williams Walsh, “How Plan to Help City Pay Pensions Backfired,”
New York Times,
September 3, 2012, http://www.nytimes.com/2012/09/04/business/how-a-plan-to-help-stockton-calif-pay-pensions-backfired.html?pagewanted=all.

18.
  California Constitution Article 13A [Tax Limitation], http://www.leginfo.ca.gov/.const/.article_13A.

19.
  Associated Press, “N.J. Tax Amnesty Program Totals Record $725M,”
Star-Ledger,
July 8, 2009, http://www.nj.com/news/index.ssf/2009/07/nj_tax_amnesty_program_totals.html.

20.
  U.S. Census Bureau, “State Government Finances: Historical Data: 2009,” http://www.census.gov/govs/state/historical_data_2009.html.

21.
  U.S. Department of Commerce, Bureau of Economic Analysis, “Regional Accounts Archive for June 5, 2008,” http://www.bea.gov/histdata/RMyearAPFfiles.asp?docDir=/2007/GDP/state/advance_June-05-2008.

22.
  Alan M. Wolf, “Biogen Will Build Bigger Space,”
Newsobserver.com,
April 26, 2011, http://www.newsobserver.com/2011/04/26/1154147/biogen-will-build-bigger-space.html; Joseph Vranich, “Calif. Business Departures Increasing—Now Five Times Higher Than in 2009,”
Business Relocation Coach
, Monday, June 20, 2011, http://www.thebusinessrelocationcoach.blogspot.com/2011/06/calif-business-departures-increasing.html.

23.
  Meredith Whitney Advisory Group, “Tragedy of the Commons Third Edition: 2012 Update,” p. 22.

24.
  U.S. Department of Commerce, U.S. Census Bureau, “State Government Finances: Historical Data: 2010,” http://www.census.gov/govs/state/historical_data_2010.html; U.S. Department of Commerce, U.S. Census Bureau, “State Government Finances: Historical Data: 2000,” http://www.census.gov/govs/state/historical_data_2000.html.

25.
  Meredith Whitney Advisory Group, “3Q12 Municipal Analytics,” p. 13.

26.
  Mary Williams Walsh, “JPMorgan Faces New Suit in Alabama County’s Woes,”
New York Times,
November 13, 2009, http://www.nytimes.com/2009/11/14/business/14muni.html; Romy Varghese, “Harrisburg Incinerator, Source of Fiscal Woes, May Save Its City,”
Bloomberg,
May 10, 2011, http://www.bloomberg.com/news/2011-05-11/harrisburg-incinerator-may-save-the-city.html.

27.
  Jeffery Bell, “THE BIG LIE: Rich People Create Jobs,”
Yahoo Finance
, February 3, 2012, http://finance.yahoo.com/blogs/daily-ticker/meredith-whitney-along-jefferson-county-ala-files-largest-174407736.html.

28.
  U.S. Department of Commerce, U.S. Census Bureau, State and Local Government Finances, “State and Local Government Finance Summary Report,” http://www.census.gov/govs/estimate/.

29.
  Christina Romer, “The Impact of the American Recovery Reinvestment Act,” January 10, 2009, http://www.ampo.org/assets/library/184_obama.pdf; Mark S. Ludwick and Benjamin A. Mandel, “Analyzing Federal Programs Using BEA Statistics,” U.S. Department of Commerce, Bureau of Economic Analysis, http://www.bea.gov/scb/pdf/2011/09%20September/0911_unemploy.pdf.

30.
  Pennsylvania Budget and Policy Center, “Budget Points: Stimulus Transition Fund Reduces Future Deficits, Preserves Education and Health Care,” March 9, 2010, http://pennbpc.org/budget-points-stimulus-transition-fund.

31.
  Mac Taylor, “Federal Economic Stimulus Package: Fiscal Effect on California,” Legislative Analyst’s Office, 2009–2010 Budget Analysis Series, March 10, 2009, http://www.lao.ca.gov/2009/bud/fed_stimulus/fed_stimulus_031009.pdf.

32.
  Max Taves, “Private Fix for Public Parks,”
Wall Street Journal,
June 17, 2012, http://online.wsj.com/article/SB10001424052702303410404577464724255828622.html;
Arizona Heritage Alliance
,
“Arizona State Parks Keeps 9 Parks Open; 13 Will Close,” January 17, 2010, http://azheritage.wordpress.com/2010/01/17/arizona-state-parks-keeps-9-parks-open-13-will-close/.

33.
  National Association of State Budget Officers, “State Expenditure Report: Examining Fiscal 2010–2012 State Spending,” 2012, http://www.nasbo.org/sites/default/files/State%20Expenditure%20Report_1.pdf; Meredith Whitney Advisory Group, “State Comprehensive Annual Financial Reports”; U.S. Department of Commerce, U.S. Census Bureau, “State Government Finances Summary: 2010,” http://www.census.gov/prod/2011pubs/g10-asfin.pdf.

34.
  The Bond Buyer, Market Data, Monthly, Primary Market Statistics: A Decade of Bond Finance, http://www.bondbuyer.com/marketstatistics/decade_1/?data-type=monthly#dataTable; Meredith Whitney Advisory Group, “The 50 Dirtiest Little Secrets: New Analysis on States’ Underfunded Pensions, Healthcare, and Other Off Balance Sheet Obligations,” p. 8, Exhibit 1; U.S. Department of Commerce, U.S. Census Bureau, “State Government Finances,” year 2000 and 2010, http://www.census.gov/govs/state/historical_data_2000.html, http://www.census.gov/govs/state/historical_data_2010.html.

35.
  Nicholas Johnson, Phil Oliff, and Erica Williams, “An Update on State Budget Cuts: At Least 46 States Have Imposed Cuts That Hurt Vulnerable Residents and the Economy,” Center on Budget and Policy Priorities, February 9, 2011, http://www.cbpp.org/cms/index.cfm?fa=view&id=1214.

36.
  U.S. Department of Commerce, U.S. Census Bureau, “Housing Vacancies and Homeownership (CPS/HVS): 2012,” table 5: “Homeownership Rates for the United States: 1968 to 2012,” http://www.census.gov/housing/hvs/files/qtr312/tab5.xls.

37.
  Board of Governors of the Federal Reserve System, “Mortgage Debt Outstanding,” December 2012, http://www.federalreserve.gov/econresdata/releases/mortoutstand/current.htm.

38.
  Meredith Whitney Advisory Group, “Tragedy of the Commons Third Edition: 2012 Update,” p. 50, September 21, 2012.

39.
  Federal Reserve Bank of New York, “Quarterly Report on Household Debt and Credit,” August 2010, http://www.newyorkfed.org/research/national_economy/householdcredit/DistrictReport_Q22010.pdf, “Historical Reports: Statistics by year,” http://www.newyorkfed.org/research/national_economy/householdcredit/area_report_by_year.xlsx; U.S. Department of Commerce, Bureau of Economic Analysis, Regional Data, GDP and Personal Income, Quarterly State Personal Income, http://www.bea.gov/iTable/iTable.cfm?reqid=70&step=1&isuri=1&acrdn=3#reqid=70&step=1&isuri=1.

40.
  Dan Fitzpatrick, “Need a Loan? Where Do You Live?”
Wall Street Journal,
September 26, 2012, http://online.wsj.com/article/SB10000872396390443328404578020501373436128.html.

41.
  Federal Reserve Bank of New York, Quarterly Report on Household Debt and Credit, November 2012, http://www.newyorkfed.org/research/national_economy/householdcredit/DistrictReport_Q32012.pdf.

42.
  Federal Reserve Bank of New York, “Historical Reports: Statistics by area and year,” http://www.newyorkfed.org/research/national_economy/householdcredit/area_report_by_year.xlsx.

43.
  U.S. Small Business Administration, Frequently Asked Questions, http://web.sba.gov/faqs/faqIndexAll.cfm?areaid=24.

44.
  Michael J. Carr, Dun and Bradstreet Credibility Corp., “Real Statistics Show That 70 Percent of Small Businesses Succeed at First,” August 6, 2012, http://business.dnb.com/small-business-information/real-statistics-show-that-70-percent-of-small-businesses-succeed-at-first/; Federal Housing Finance Agency, Downloadable Data, Purchase Only Indexes: U.S. Summary through 2012Q4, http://www.fhfa.gov/Default.aspx?Page=87, http://www.fhfa.gov/webfiles/24974/4q12POSummary.xls.