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And the finances of state and local governments are sinking tragically into ever deeper and ever more unforgiving waters.
A major factor weighing down the long-term finances of state and local governments is the obligation to fund retiree benefits.
Years of opacity shrouding the finances of state authorities mean that people did not raise the alarm over the parlous financial situation until too late.
About $65 billion of the $100 billion in education stimulus money went to states in three pots: $39.5 billion as part of a stabilization fund intended to bolster the finances of state public education systems, $13 billion for the federal program for poor students known as Title I, and $12.2 billion for students with disabilities.
On top of that, the country has been recovering from a recession that crippled the finances of state governments, which were responsible for much of the nuts and bolts work of preparing for the new law.
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Abromavičius carried out a number of important reforms to bring transparency to the finances of state-owned corporations, including the hiring of talented managers to run them.
Mr. DeGolyer said that if the new law made people wary about discussing subjects like the finances of state-owned Chinese enterprises or China's compliance with its commitments to the World Trade Organization, Hong Kong's main economic role as a gateway to China could be ruined.
Though the market seems stable for now, the finances of states like California and Illinois have an outsize influence on investors.
The idea behind the single supervisor is to make lenders less susceptible to political interference than has been the case under the present system of national supervisors, which failed to prevent banks from accumulating so much debt that they put the finances of states like Ireland and Spain at risk, in turn threatening the future of the single currency.
Concern over the increasingly strained finances of states and cities and a growing backlog of new bonds for sale overwhelmed the market last week.
In reviewing the finances of states and local governments, 49 of which are required, in some form, to balance their budgets and where 43 governors have the line item veto, the fiscal news is surprisingly good.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com