Fate of the States The New Geography of American Prosperity

ISBN-10: 159184570X
ISBN-13: 9781591845706
Edition: 2013
Authors: Meredith Whitney
List price: $27.95
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Description: A bold look at the most important new trend for our economy Wall Street analyst Meredith Whitney became a household name when she predicted the subprime mortgage crisis a year before it fully erupted. Now she shows how we’re moving into a new era in  More...

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Book details

List price: $27.95
Copyright year: 2013
Publisher: Penguin Publishing Group
Publication date: 6/4/2013
Binding: Hardcover
Pages: 272
Size: 6.25" wide x 9.50" long x 1.00" tall
Weight: 0.990
Language: English

A bold look at the most important new trend for our economy Wall Street analyst Meredith Whitney became a household name when she predicted the subprime mortgage crisis a year before it fully erupted. Now she shows how we’re moving into a new era in which wealth, power, and opportunity flow away from the coasts toward the interior of the country. The housing boom was initially great for states like California, Nevada, and Florida. But when the boom ended, so did the excess tax revenue sustaining many profligate state and local governments. They’ve been forced to raise taxes and cut essential public services—especially education and infrastructure. Extreme cases led to bankruptcy filings in nearly a dozen cities. But meanwhile, in contrast to those doom and gloom headlines, a very different trend was developing in interior states like North Dakota, Indiana, and Texas. They survived the housing crisis relatively unscathed and therefore had the money to retrain workers and offer tax incentives to companies willing to relocate. Coupled with the recent booms in natural gas and oil extraction and the resurgence in manufacturing, these states are poised to become the new powerhouses of the American economy. Whitney explores the long-term consequences of having roughly half the country in a vicious cycle of decline while the other half enjoys a virtuous circle of growth. And she offers practical ideas to help the struggling parts of America—before the fate of the states becomes irreversible.

Introduction
The Fall
It Starts at Home
Housing Revisited
States Gone Wild
Pensions: The Debt Bomb Nobody's Talking About
The Negative Feedback Loop from Hell
The New American Poverty
Rise Chapter
New Map of Prosperity
State Arbitrage
David Takes On Goliath: New Political Precedents
The Way Forward
Acknowledgments
Notes
Index

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