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What Did Madison Really Think of the States?

Policy debates benefit from clarity about underlying principles, which in the case of state and local matters often means federalism. Federalist principles are normally invoked opportunistically, to...

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Municipal Bonds: Past Performance No Longer a Guarantee of Future Results

The municipal bond market exhaled last week when the Federal Reserve announced that it was not planning to start scaling back its open-ended bond buying program anytime soon. State and local...

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Four Pension Myths

Public awareness of state and local governments' pension struggles is now at an all-time high, thanks to increased media attention in recent years. Though generally a welcome development, there are...

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