Fiscal Condition of States

[wjmst]

For most states to really become fiscally sound they need to drastically CUT services and drastically INCREASE taxes! Yeah, how well will that go over. Most states as well as the federal government are in debt way over their heads and will not escape without something drastic.

 

[truckdiagnostics]

Interesting data, I do believe the state's that are in the hole will pass the buck, get the feds to bail them out, maybe not completely, until all the state's are in the same hole or close to it. Then as a nation we are going to have to make a decision, unfortunately like anything it will have to get wourse before it gets better. So, the question is when is the rest of the world going to stop either loaning the US money or run out of money to loan?

 

[NorTracNY]

Remember it's not just foreign governments loaning the US money.

18T in debt

~30% paid by federal gov't agencies. i.e. SS buys US treasuries
6T is foreign governments (will give them incentive to not attack us?? Japan and China each are about 1.2T)
2.5T Federal Reserve (funny money)
1T Mutual funds
~2T State/local gov't, private pension funds, banks.

 

[EddieWalker]

I tend to look at these things as political spin, but after reading the article and knowing a little bit about a few of the states on there, it seems pretty accurate. Of the top five, Nebraska surprised me. I don't know why, it's just never been on my radar as one of the more fiscally responsible states out there, but then again, I've never thought of it as an out of control state either. There are areas in Norther Western Nebraska that I would consider retiring to!!!

Eddie

 

[EddieWalker]

I tend to look at these things as political spin, but after reading the article and knowing a little bit about a few of the states on there, it seems pretty accurate. Of the top five, Nebraska surprised me. I don't know why, it's just never been on my radar as one of the more fiscally responsible states out there, but then again, I've never thought of it as an out of control state either. There are areas in Norther Western Nebraska that I would consider retiring to!!!

Eddie

 

[300UGUY]

I think the top 6 are skewed by the amount of federal money they get. Alaska is obvious, the feds own most of the state, and with the state government, are in the top 3 of employers there. The only significant private employer is the oil pipeline business. Florida is full of folks getting SS, and Medicare, along with the fact that the retirees bring their wealth with them, that pumps up the finances. Tourism helps both of these states, more than the average. The other states are low population, and get a lot of transfer payments - SS and medicare again.

 

[SPIKER]

Ohio up in 7th, but we have a lot of city taxes and rural school taxes etc, the State Gov has basically pushed everything off on small cities townships etc that they can and cut funding to school fire etc. So the schools go to voters and say we are not busing & cutting sports music etc unless people vote in a land/income tax onto the land owners farmers...

Most states now also have Balanced budget acts on/in state Constitutions (Ohio does.)


Mark

 

[dave1949]

This web site has more detailed state spending info. I linked Maine but any state can be chosen from the index. The info is presented with comparison charts for four to five nearby, similar states. Local/municipal spending is not included.

Maine state budget and finances - Ballotpedia

 

[NY_Yankees_Fan]

New Jersey ranks 49 many thanks to Chris Christie, for those who think he would be a great president, look at his track record and what he has NOT done for NJ.

 

[Gem99ultra]

I think the states in poor fiscal condition have another thing in common besides large cities, but if I mention it, the post will probably be closed due to it becoming political.

Kevin

Yep - you are so right. Any posting of facts would be political. BUT - regardless of politics, Donald Trump called a Spade a Spade. Like it or not.