On August 5, 2011, Standard & Poor lowered the U.S. debt rating saying, “The downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges.”

On November 9, just three months later, our Jefferson County filed the biggest U.S. municipal bankruptcy in history after an agreement among elected officials and investors to refinance $3.1 billion in sewer bonds fell apart. Continue reading What’s killing America is killing Birmingham →