“Where’s the money?” While that’s the second question in government, it’s also the one that really matters most. The debates that fuel elections and the legislative process are usually about the first question: “What shall we do?” But the answers to that are largely irrelevant if you can’t find the money to pay for what you want to do.
Financial crises are a perennial and perhaps endemic feature of democratic government, in part because so few public officials want to make this connection between money and the policies they advocate. Lois Scott, Chicago’s chief financial officer and the leader of the Municipal CFO Forum, echoes this theme. When a public official says, for example, “I’m for job creation,” Scott wonders, “Who’s opposed to job creation?” Anyone can talk about what government should do. The critical issue is how we will find the money to get these things done. That issue is the central theme of a new memoir by Richard Ravitch, former lieutenant governor of New York and co-chair, with Paul Volcker, of the State