Hat tip to Governing Magazine for reminding me of this Time magazine cover. Bloomy and Ahnold are not looking so confident nowadays, what with NYC no longer able to feast on tax revenues from its finance industry and Cali paying everyone in IOUs. Time (I mean time, not the magazine) will tell how the relationship between the feds and states/cities will equilibrialize. In the meantime, we can look back with regret on moves made by our biggest state and our biggest city that left them vulnerable to economic shock and wondering what draconian measures it will take for them to recover.
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