The Manhattan Institute’s Steven Malanga is for my money the nation’s best expert on state and local finances, which in these days means mostly debt. His latest piece on the subject, in MI’s must-read City Journal, is here. Yes, Virginia (ok, maybe not Virginia but certainly Illinois and New Jersey) there is a debt crisis. It’s vastly more serious than state and local governments’ fraudulent numbers suggest. State courts have been complicit in the deception, and in the evisceration of constitutional limits on unsustainable obligations.