Summary
The Wall Street Journal's Jason Zweig recently found a silver lining behind the global meltdown of financial markets: After years of maxing out credit cards and squandering money, consumers may be forced to live within their means.
If that lesson is a sound one for ordinary citizens - and it is - what about the government bodies that have modeled extravagant spending practices for decades? When's the last time a legislature passed a budget smaller than the previous year's? When have politicians promised to scale down programs instead of expand them?See the full content of this document
Extract
There's No Choice but to Cut Back
Just as families are planning for a modest Christmas holiday because of the economy, Indiana lawmakers must plan for a modest 2009-11 biennium. Although an up-to-date revenue forecast won't...
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