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Here Are The 10 Most Debt-Ridden States In America
Business Insider ^ | 10/24/2011 | Jon Terbush

Posted on 10/24/2011 1:41:09 PM PDT by SeekAndFind

While the federal government grapples with its own enormous deficit, individual states are also facing huge deficits that total an astounding combined $4 trillion.

That figure comes from the newly-released annual report on state debt from State Budget Solutions, a nonprofit think tank that cuts through state government accounting tricks to find the true extent of their deficit burdens.

For their figures, SBS combined states' outstanding debt and their current year budget shortfalls, and then factored in the projected costs of other liabilities, including pension and retirement costs, that have yet to be paid for.

On the high end, SBS projected that California is facing a deficit in excess of $600 billion. By contrast, Vermont is stuck with a deficit of just $6 billion.

(Excerpt) Read more at businessinsider.com ...


TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: broke; debt; spending; state; states

1 posted on 10/24/2011 1:41:17 PM PDT by SeekAndFind
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To: SeekAndFind

View the data for all the states ( yes, yours included) on this link :

https://docs.google.com/spreadsheet/ccc?key=0Aq7g5Iy8vrrPdGpRTEdLaEYzNWhMem1uWmhmeGh2aWc&hl=en_US#gid=0


2 posted on 10/24/2011 1:42:38 PM PDT by SeekAndFind (u)
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To: SeekAndFind

Food for thought if one thinks a balanced budget amendment is cure all for the federal debt problem - look how it has failed in california with liberals running the state. Just pass liar budgets based on fake economic estimates and you can spend yourself into oblivion.


3 posted on 10/24/2011 1:53:32 PM PDT by MrShoop
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To: SeekAndFind
Illinois may be in 5th in terms of overall debt, but we are #2 in terms of deficit, and closing fast on California. We will be in the #2 spot over all by next year. Gov Quin will see to that.
4 posted on 10/24/2011 2:00:44 PM PDT by GonzoGOP (There are millions of paranoid people in the world and they are all out to get me.)
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To: MrShoop

A Constitutional prohibition on borrowing, either with lines of credit or any kind of debt instrument, e.g., bonds, etc., is one important part of keeping a government from spending more than it receives in taxes.

Which is why you’ll almost never hear mention of it, and if you mention it, anyone with any interest in the government spending more than it takes in will brand you as a “crazy person”.


5 posted on 10/24/2011 2:09:01 PM PDT by PieterCasparzen (We need to fix things ourselves)
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To: SeekAndFind

Great info, thanks for posting that link.

Gonzo, you’re dead on. Someone said years ago the three scariest words in Illinois politics were Governor. Pat. Quinn.


6 posted on 10/24/2011 2:13:12 PM PDT by bigbob
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To: MrShoop
Agreed. All kinds of room for cheating.

If I could have one amendment, it would be repeal of the 17th Amendment. No one could cheat on that.

7 posted on 10/24/2011 2:37:56 PM PDT by Ken H (They are running out of other people's money. )
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To: SeekAndFind

Third worst is Texas? TEXAS? Certainly not Rick Perry’s Texas!


8 posted on 10/24/2011 2:38:17 PM PDT by Prokopton
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To: SeekAndFind

Excerpted from the article:
1. California
2. New York
3. Texas
4. New Jersey
5. Illinois
6. Ohio
7. Pennsylvania
8. Florida
9. Michigan
10. Connecticut


9 posted on 10/24/2011 3:03:25 PM PDT by Repeal The 17th
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To: SeekAndFind

Illinois is #5!! Woohoo!
10 bucks says we’ll overtake Texas and Jersey in no time.


10 posted on 10/24/2011 3:03:41 PM PDT by KOZ.
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To: Repeal The 17th

With the exception of Texas, and possibly Florida, they are all liberal hell holes.


11 posted on 10/24/2011 3:06:06 PM PDT by SeaHawkFan
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To: MrShoop

I don’t trust individual states or the fed’s to not cook the books. They can say we’re in the red in order to raise taxes and grab more power while keeping the real account balance hidden.


12 posted on 10/24/2011 3:45:43 PM PDT by Amberdawn
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To: SeekAndFind

Kind of a dumb article.

The states with the largest debts correspond REMARKABLY closely to the states with the largest populations. Well, duuh.

Population / Debt

1 CA / CA
2 TX / NY
3 NY / TX
4 FL / NJ
5 IL / IL
6 PA / OH
7 OH / PA
8 MI / FL
9 NJ / MI
10 GA / CT

Wouldn’t you expect larger states to have larger debts? Does this surprise anyone? These states also have larger numbers of crimes, and a greater number of traffic accidents. What a shock!

Statistics that might actually mean something would be per capita debt, and debt as a percentage of the Gross State Product, or whatever you would call the equivalent of the GNP.


13 posted on 10/24/2011 3:55:35 PM PDT by Sherman Logan
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To: Sherman Logan

There you go, trying to be logical again.


14 posted on 10/24/2011 4:10:24 PM PDT by Repeal The 17th
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To: Prokopton

Must be from paying for education, medical care, etc. for all the illegals there.


15 posted on 10/24/2011 4:53:15 PM PDT by Pining_4_TX ( The state is the great fiction by which everybody seeks to live at the expense of everybody else. ~)
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To: Sherman Logan

Good observations, SL.

btw... Your user name has always reminded me of the old comic strip “Sherman’s Lagoon”. lol


16 posted on 10/24/2011 11:40:07 PM PDT by octex
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To: octex

Username is an obscure literary reference, but not that one.


17 posted on 10/25/2011 2:50:37 AM PDT by Sherman Logan
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