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Economy
Drowning In Debt: These States Are Approaching A Point Of No Return
2018-08-03
[Townhall] Having grown up in New Jersey, you understand that Democrats are a tax and spend party and even liberals in the state understand it. The Garden State is a case study in mass exodus; it’s just too expensive to live there anymore. Are there signs that the Democrats get it? Maybe‐the heavily Democratic legislature in Trenton had to tell Governor Phil Murphy that his tax increase agenda was more or less not going to happen. Taxes still went up, but it was not the insane proposal the governor’s office had pushed. Still, I doubt Demorats in these states will find rational solution to their fiscal woes. After decades of irresponsibility, these states are approaching a day of reckoning. It's the usual blue state madness crew: New Jersey, New York, Illinois, and California. For some, pension payments are a struggle (via Fox Business):
Connecticut may be the richest state in the country, on a per capita basis, but it's racked up a sizable debt worth more than $53 billion ‐ and it could be taxpayers who are forced to bail out the Constitution State, according to the former governor of Indiana.

"Someone’s going to the barbershop," Mitch Daniels, a Republican, said during an interview with FOX Business’ Stuart Varney on Thursday. "The first will be the taxpayers, already beleaguered in some of these states."

And Connecticut isn’t the only state struggling with a debt crisis: California, Illinois, New Jersey and New York are unable to make pension payments to retired government workers.

In Illinois, for instance, vendors wait months to be paid by a government that’s $30 billion in debt, and one whose bonds are just one notch above junk bond status, according to Daniels. New York’s more than $356 billion in debt; New Jersey more than $104 billion; and California more than $428 billion.

My suggestion: if you live in these states, run!
Posted by:Besoeker

#15  Return the states to territorial status until their financial house is in order.

The first 13 states were never federal territories. They were each sovereign states to begin with that entered into a compact know as the Constitution, which means they can not revert to territorial status.
Posted by: Procopius2k   2018-08-03 21:30  

#14  Of course that would be like the town drunk ordering everyone on the wagon.
Posted by: badanov   2018-08-03 19:59  

#13  Return the states to territorial status until their financial house is in order.

That means no representation in the house and senate and a governor appointed by the president.
Posted by: badanov   2018-08-03 19:41  

#12  Another significant factor was/is the unionization of government employees

Which even the libero-saint FDR didn't agree with.
Posted by: Mullah Richard   2018-08-03 16:54  

#11  
Another significant factor was/is the unionization of government employees.
Posted by: Roger29 Palms   2018-08-03 14:06  

#10  It's not even liberalism in CT -- it's cronyism in the destructive symbiotic relationship between pols and their incompetent,tax-fattened in-laws in public unions.
Posted by: Regular joe   2018-08-03 14:06  

#9  ...I've considered for a while that had Felonia Von Pantsuit won in 2016, this would have come to the fore a while back, and we'd be hearing about how it takes a village and that we had to help out those states.

And for what it's worth, I suspect it's far, far worse than we're being told and that the worst states are holding on by their fingernails, desperately hoping for a Blue Wave in November because that will be the last hope they have for a Federal bailout. If they don't get a Dem Congress with a veto-proof majority, they're dead meat. I'd say probably next spring the dominos will start going down.

Mike
Posted by: Mike Kozlowski    2018-08-03 12:09  

#8  its really alive and well in Ketchum,Idaho but theyre a captive audience that are fun to torture
Posted by: 746   2018-08-03 10:47  

#7  Get rid of all the pensions inflated at the last minute by administrative transfers to high-paying positions for the last year before retirement, and get rid of double-dipping a second pension by transferring to another branch of government after the first retirement. That would go a long ways towards mitigating the overall problem.
Posted by: gorb   2018-08-03 10:43  

#6  The voters need to toss the ruling parties (their oppressors) who caused these states to be broke out of office.
Posted by: JohnQC   2018-08-03 10:34  

#5  The next 20 years will be a very interesting time for not only state debt, but the national debt as well.

Once states start going down, it may take the whole thing with them.
Posted by: DarthVader   2018-08-03 10:05  

#4  Indeed B. The cancer that is liberalism has metastasized even here in red state Idaho at least in Boise. It's well known that the "North End" houses liberals, Hippies and fellow travelers.
Posted by: Warthog   2018-08-03 09:51  

#3  If you live in those states. Learn why the other states arent in a mess. Then leave and dont spread the progressive contagion.

Too late BP, they bring it with them.
Posted by: Besoeker   2018-08-03 09:17  

#2  If you live in those states.

Learn why the other states arent in a mess. Then leave and dont spread the progressive contagion.

Maybe fiscally clean states should quarantine new arrivals until they unlearn leftism
Posted by: Bright Pebbles   2018-08-03 09:16  

#1  Government employee pensions, an agreement made by two wolves on how to cut up the sheep. The level of taxes and confiscations needed to support them crosses over to involuntary servitude of the citizenry. It is obvious the pols never fulfilled their fiduciary responsibilities to people, but rather sold them into future bondage.
Posted by: Procopius2k   2018-08-03 07:08  

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