Posted on 12/19/2010 8:29:45 PM PST by Libloather
State Budgets: The Day of Reckoning
Steve Kroft Reports On The Growing Financial Woes States Are Facing
Dec. 19, 2010
(CBS) By now, just about everyone in the country is aware of the federal deficit problem, but you should know that there is another financial crisis looming involving state and local governments.
It has gotten much less attention because each state has a slightly different story. But in the two years, since the "great recession" wrecked their economies and shriveled their income, the states have collectively spent nearly a half a trillion dollars more than they collected in taxes. There is also a trillion dollar hole iln their public pension funds.
The states have been getting by on billions of dollars in federal stimulus funds, but the day of reckoning is at hand. The debt crisis is already making Wall Street nervous, and some believe that it could derail the recovery, cost a million public employees their jobs and require another big bailout package that no one in Washington wants to talk about.
Yeah, the FL Supreme Court is 5-2 radical lib. They regularly kneecap the legislature and citizen initiatives.
They shot down charter schools and in 2010 pulled a constitutional amendment from the ballot regarding Floridians right to buy or not buy health insurance. They are responsible the 2000 Bush/Gore mess. There are more outrages that do not immediately come to mind.
As for the new legislature with a new governor, Rick Scott I am confident of major improvements.
IMHO...Zero is slated to be the last American President...or the greatest.
If, true Federal Economic reform is achieved Constitutionally, he will be on Mt. Rushmore....
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