At 12:15 today, the City of Asheville released invitations to a 3:00 press conference that would cover matters of economic development. Before 3:00, the mainstream media had discovered why the city was celebrating. Asheville had won a bid to host the Southern Conference Basketball Tournament. To win, the city had only to promise $3.2 million in repairs to the Civic Center. Like most local governments, Asheville had to strain to balance its budget for this fiscal year and next.

Not a problem. A disregard for the existence of a supply side in economics is almost imperative for anybody wanting to rise to high stations these days. The city can further deplete its fund balance, float bonds, raise taxes and fees some more, partner with other broke governments or overtaxed private sector enterprises, or collect some exciting magic stimulus. In fact, the worse one overextends, the more eligible he becomes for exciting magical stimulus.