Shadow Government: The Hidden World of Public Authorities - And How They Control Over $1 Trillion of Your Money"In power, affluence, and assets, public authorities rival the largest state and local governments and commercial banks in the United States. They borrow more billions of dollars than state and local governments combined. They have run up a debt that is second only to that of the United States government itself. ...In what amounts to a quiet revolution we now have two governments side by side: the visible general government and the shadow government of public authorities." --from Shadow Government Advance praise for Shadow Government... "Most Americans have had direct experience with public authorities through paying tolls on turnpikes, paying water and sewer charges, and the like. But few are even dimly aware of the pervasiveness of public authorities. ...Now Donald Axelrod has produced a wide-ranging examination of the history, evolution, and status of public authorities; his book is a searching description of their penetration into our lives. Passionately written, it is essential reading." --Herman B. Leonard Baker Professor of Public Management Kennedy School of Government, Harvard University "[Shadow Government] sheds light on government-sponsored authorities which flout constitutional, budget, and sound financial restraints. It provides a thorough examination of the rise and virtually uncontrolled proliferation of all kinds of enterprises that use government powers, without voter control." -- Ben Weberman Columnist, Forbes "Donald Axelrod's...findings make fascinating and disturbing reading. This book should be read by every citizen who is concerned with fiscally sound and accountable public institutions." --Harold Seidman Senior Fellow; National Academy of Public Administration |
Contents
The Rise of the Shadow Government | 1 |
Always a Borrower or a Lender Be | 35 |
A Fate Worse Than Debt | 63 |
Copyright | |
13 other sections not shown
Common terms and phrases
administration airports Albany Times Union banks billions of dollars Bond Buyer bond counsel bond covenants bond financing bond issue bondholders borrow Boston budget build California centers Commission constitutional construction contracts cost County court created Cuomo debt service default Dukakis electricity facilities federal government fees Finance Authority fiscal funds Governor guarantees HFAs hospitals housing authorities Illinois industrial interest rates investment investors Jersey lease legislative legislature Massachusetts Massachusetts miracle Massport mayor MBTA ment million mortgages municipal bonds nation Nellie Mae nonprofit nuclear operating PASNY payment percent plant political Port Authority Power Authority private utilities programs projects public authorities public housing public power rent revenue bonds Robert Moses Rockefeller sewer Shadow Government solid waste special districts state's student loans subsidies tax-exempt bonds taxpayers Texas thorities tion tolls Transportation Authority Turnpike Authority underwriters Washington WHEC WPPSS York City