Are You Ready for Some Football?!?

How does an $830 million Super Bowl stadium sound? Well, if the New Jersey state government has their way, you'll soon find out in 2014. The problem is Meadowlands Sports Complex, a $306 million project which began over 40 years, and should have been paid off 15 years ago, has proved too enticing for the politicians of the state. Why would they worry about paying off their multi-million dollar loan when other, more tantalizing investment ventures (which eventually failed) were right at their fingertips? Unfortunately, this is all too common for city and state municipalities. Today’s Wall Street Journal notes that the “State and local borrowing as a share of U.S. GDP has risen to an all-time high of 22% in 2010.” Basically, this means that several counties and states in this country have borrowed large amounts of money that they can’t pay back. How does this happen? It’s easy. When certain loopholes don’t necessitate approval through the voting citizens, money can be thrown around while taxpayers have little to no knowledge of the long-term effects. Deferring payments to make other, less successful deals has also played a part. What can be done? Thoughts?