The Wall Street Journal reports that the loss of revenue from housing related fees and the prospective loss of property tax revenue is leaving many state and city budgets with large deficits. It would have been useful to interview a spokesperson for the Fed or an economist who is supportive of Fed policy so that they could explain why this is not a problem.

–Dean Baker

Dean Baker is senior economist at the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, including Rigged: How Globalization and the Rules of the Modern Economy Were Structured to Make the Rich Richer. Read more about Dean.