Yes, we have a looming debt crisis at the federal level, but that's not the only debt we have. EVERY state in the nation is in debt, to one extent or another. Would you like to see this data? No problem.
I posted this video for the first portion. The second half is a pro-Governor Walker message... I'm only interested in the debt picture, here.
If the player doesn't work, try this link:
http://www.youtube.com/watch?v=6eyhnw6TBfI
So, add a little more than $2 TRILLION to our nation's debt problem, at the very least. Keep in mind, this doesn't include debt incurred by CITIES... both Montgomery and Birmingham are carrying millions of dollars in debt, for example.
When you add the national debt of $14.2 trillion to the states' debts, we have a minimum of $16.3 trillion in debt, plus whatever the individual cities around the nation have managed to pile up.
It's bad, people.
Saturday, March 19, 2011
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The curious thing is that government debt (of any level)...is held by bond holders, banks, or other governments. Its virtually impossible for a government situation to default (you couldn't ever go back again to ask for money). So they all suffer from 'think-safe'. Until someone blinks and just says the game is over...we just keep playing. It's a Monopoly game that can't end...it just keeps going.
ReplyDeleteRipley, go to jail, go directly to jail, do NOT pass GO, do not collect $200.
ReplyDelete:-)