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The Arizona Republic's front page headline on October 29 read "White House Pressures Banks." The article went on to describe how bankers were being accused of hoarding bailout cash and told to get out there and loan money.
Three law firms dominate the legal work that goes into issuing state and local government debt in Arizona, according to a review of bond documents done by the Goldwater Institute. That finding is consistent with what bond lawyers and government officials have said in interviews about the industry.
In a happy coincidence, I saw a new World Bank study on entitlements and economic growth on the same day a lawsuit against cuts to Arizona’s Medicaid benefits was filed. The World Bank study provides evidence that while reinstatement of the Medicaid benefits might help some right away, in the long run it would likely hurt us all economically, including the people the lawsuit seeks to help.
It was almost like the gold rush all over again in Stockton, California. With booming property values and tax revenue during the past decade, city coffers were flush and cash was flying to sports arenas, retail centers, office buildings, and parking garages.
By Trey Kovacs
By Lisa Halverstadt and Cecilia Chan, AzCentral
Lawyers for the Goldwater Institute (the de facto Supreme Court of Arizona) used the hammer that is the “gift clause” in the Arizona Constitution to deliver a blow to the Phoenix police union.
While state lawmakers are to be congratulated for passing a balanced budget and largely holding the line on spending increases, there is an unnecessary $11 million spending increase tucked in the nooks and crannies. That’s the additional contribution to the state’s financially troubled retirement funds for state workers.