Megan McArdle writes:
There’s a saying I’ve heard from accountants: recessions uncover what auditors can’t…. I supect that this is also the case with the emerging epidemic of governments who cooked the books. Hungary is the latest culprit, and its official pronouncements are starting to sound, well, worryingly Greek.
Stay tuned. Veronique de Rugy and Eileen Norcross have taken on the brave task of trying to codify the respective ways in which federal and state legislators play tricks with their budgets and evade fiscal responsibility. Look for their papers soon.