“Following in the federal government’s footsteps, states and cities are borrowing heavily to finance spending, a strategy that could speed economic recovery while leaving a heavier debt for future generations. States and local governments borrowed $53.5 billion in the first three months of the year, just shy of the first-quarter record set in 2003, Thomson Reuters Financial reports. Governments also refinanced $31 billion in debt to get lower interest rates and longer repayment schedules.” (USA Today ^[1], Monday)

And they can’t print money to pay it back.

FEE Timely Classic
“Misplaced Hope” ^[2] by Hans F. Sennholz