Posted on 09/04/2010 6:31:50 PM PDT by Libloather
50 States In Debt
#1, Rhode Island
Debt 2010: $10.02 billion
Pre-budget Deficit 2011: $395 million
GDP 2009: $46.50 billion
Debt/GDP Ratio: 21.54 percent
On the chopping block: Rhode Island’s judges and court workers are trudging along despite a lack of funds cutting paid work days per week and 53 positions that remain unfilled. “This is not a time for expensive initiatives and hefty new capital projects. It is a time to do the very best with the limited resources we have,” said Chief Justice Paul A. Suttell. The states court system has responded to budget shortfalls in part by disposing of cases on backlog.
Thought Ca and NY would be in the top 10.
What about the other 7?
kool, thanks
I would have thought that Virginia would be lower on the list.
Tennessee at the bottom was no surprise.
#49, Texas Debt 2010: $41.73 billion Pre-budget Deficit 2011: $4.6 billion GDP 2009: $1.13 trillion Debt/GDP Ratio: 3.69 percent
On the chopping block: Texas has one of the better debt-to-gdp ratios at the moment, but its legislature is still having trouble coming up with the cash for the next two years of operating expenses. That could mean unpaid furloughs, salary freezes and four-day work weeks for state employees. "There's not any fat left," said Andy Homer of the Texas Public Employees Association. "This is cutting to the bone."
Found mine:
#49, Texas
Debt 2010: $41.73 billion
Pre-budget Deficit 2011: $4.6 billion
GDP 2009: $1.13 trillion
Debt/GDP Ratio: 3.69 percent
On the chopping block: Texas has one of the better debt-to-gdp ratios at the moment, but its legislature is still having trouble coming up with the cash for the next two years of operating expenses. That could mean unpaid furloughs, salary freezes and four-day work weeks for state employees. “There’s not any fat left,” said Andy Homer of the Texas Public Employees Association. “This is cutting to the bone.”
The missed 6 states — they only got 51 of Obama’s 57.
What’s hurting Texas is unfunded federal mandates...probably has a lot to do with many other states being in trouble.
That’s a pretty hefty debt for a state who’s sole purpose is to be used as a size comparison.
The place in NV that was used for A-bomb tests was bigger than RI, and never killed as many people as the Great White concert.
Not a very helpful number. The problem is that debt has a meaning that isn’t quite what I think people are thinking it means.
For example, Virginia is listed as having a “debt” of 27 billion. Now, looking at the official budget information, I think $10 billion of that is covered by taxes, and about $17 billion is not.
But of that $17 billion, it is a raw debt number, not a “owed more than valued” number.
For example, the state has $16 billion in assets, NET OF DEBT; that should mean that of the $17 billion in debt “not covered by taxes”, that debt is on assets worth twice the debt value.
This would be like saying you are in debt by $250,000 if you own a $500,000 home with a $250,000 mortgage.
But that is not exactly what it means either. Like I said, it is more complicated, and not therefore quite as useful.
Virginia can’t spend more than it makes; each year we put money aside when we are in good times, and we can use that money to supplement the budget in hard times.
But we DO borrow money, and then we pay it back. We have to be able to pay it back without overspending our tax revenue, but we can obviously spend more than the taxes we receive by borrowing.
Most of our non-tax-related debt is school buildings. If a school is built, we sometimes finance it with a bond, over time, rather than paying the entire cost of the school up front. But we also have a school, which is an asset.
Problem of course being that we can’t just sell the school. If we got to that point, nobody would have money to buy the school. On the other hand, we sold a school once here in Manassas, for about 11 million, to a chuch. So it does happen.
The public colleges also have buildings that are “mortgaged” in the sense that we sell bonds to pay for them. They should be reimbursed by the cost of tuition, along with taxes collected, but it is “debt”.
All the more reason why TX should refuse the mandates. Of all the states in the union, TX is in the best position to simply say no.
bookmark
You’d think after the first one or two or three billion in debt somebody might have said, “hey, we don’t seem to be headed in the right direction....”
The only way out of this is for states to default on the golden parachute/cadillac retirement plans given to union employees over the years.
Grandma didn't get run over by a reindeer, she got hit by a state retirement ponzi scheme. If capitalism stinks, what do you call a statist rip-off of taxpayers and beneficiaries at the same time? Double stink? Two turds with one stone? (see kids, this is how the Soviet Union went down in flames, but they have learned and are now posting better growth than the USA)[China is too, but slave labor doesn't count].
Some we can’t refuse....like Bi-lingual education!
>The place in NV that was used for A-bomb tests
Trinity in White Sands? - NM.
Doesn’t Texas have an emergency fund not counted with its regular revenue?
Trinity in White Sands? - NM.
I think that the poster might be referring to Yucca Flat
If the states only had the willpower to refuse the unfunded mandates, there would be less states in so much debt. Of course, LIBs would find new ways to squander money.
The Nevada Test Site about 90 miles north of Vegas, starting in 1951 they shot over 900 tests there. Testing ended in 1992. You’d go through the main gate in Mercury and still drive another 50-60 miles to get to the Area 12 tunnels. Very cool place.
In total deficits maybe. But in terms of debt as a percentage of GDP then they're pretty good by comparison.
Go Kansas! We're 42! We're 42!
bookmark
Keep in mind that Rhode Island is an ultra-liberal state. They would vote for King Kong if he ran as a liberal.
The RI’er would look at you with disdain if you happened to diplomatically comment, “Gee, that candidate is rather hairy.”
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