National News
The Gas Tax Stops Paying for the Roads
A per-gallon levy funds American highways while fuel consumption decouples from road use. The replacement everyone points to is a mileage fee, and almost nobody has been willing to build one.
Public Finance
National News
Courts Discover the Public Defender Shortage Is a Budget Problem
Caseload standards and staffing reality have diverged far enough that courts are dismissing cases and appointing private counsel at cost. The constitutional obligation is being met with a checkbook.
Markets
The Municipal Bond Market Finally Modernizes
The sleepiest corner of American finance is being dragged into the present by electronic trading, better disclosure and a generation of buyers who expect both.
National News
State Pension Math Starts Crowding Out Everything Else
Contribution schedules set years ago are now consuming a rising share of state general funds. The squeeze shows up not as a pension crisis but as everything else getting slightly worse.