Andy Biggs actually said...

The fiscal crisis at the State and local level has many causes. The proximate cause is the significant economic recession, from which the U....

It is the chasing of returns that is driven by the fact that a high return is imposed on them by legislatures.

Obviously, a large portion of the debt that has been issued and is currently being issued by the United States is held by overseas investors...

In a weak economy, where you are facing financial instability, higher income people... have the greater ability to weather that.