Despite the hoopla over recent jobs numbers and the June 5 long-term fiscal outlook from the Congressional Budget Office, the underlying reality of the U.S. economy hasn’t changed all that much lately. We are still in the midst of the hard slog following the financial crisis, and we still face a massive long-term, government budget deficit. more

Last week, the Stockton, Calif., City Council approved a petition for bankruptcy, the largest of a city in U.S. history. Municipalities all over the country are in fiscal distress, but few are actually declaring bankruptcy. What went so badly wrong in Stockton, and what lessons can other cities learn? more

The Bank for International Settlements, which acts as a bank for the world’s central banks, should know fudged numbers when it sees them. What may come as a surprise is how openly it has been discussing the problem of bogus balance sheets at large financial companies. more

Officials in the Obama administration confidently predict that few, if any, states will opt out of the expansion of Medicaid that health care reform allows. Opponents say most of them will. more

George Canellos, 48, has one of the Securities and Exchange Commission’s top jobs. The SEC’s new chairman, Mary Jo White, appointed him as co-director of the enforcement division, along with Andrew Ceresney, a former partner of White’s at Debevoise & Plimpton. more

As the 2013 legislative session heads toward its closing date, Rhode Island has a great economic opportunity within its grasp. Passage of a carefully constructed historic-tax-credit program would kick-start jobs, revitalize neighborhood economies and help get us back in business. more