Lessons from a fiscal crisis


  The current fiscal crisis of the government of Guam presents us with many opportunities to learn.

  The Wall Street Journal had an article the other day that said, “it is inconsistent with a free society that political force determines objective reality.”

  The new tax law took effect in January. By February we were having a fiscal crisis “because of tax rate changes at the federal level” that would amount to $67 million over the next year. It is hard to see how the crisis happened within a month — in fact, a doctor . . .

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