Friday, November 30, 2007


The Globe reports on Page B3 (B3?) that the Commonwealth has borrowed $1B to cover a revenue shortfall, well in excess of the "normal" borrowing that apparently occurs in the last quarter of the year.

Revenues are down about 2.8%, which seems to be inconsistent with an economy that is growing (albeit at a low rate.) Or perhaps the low tax revenues are the proverbial canary in the colemine.

Or it is time to say "Look out below..."?

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