Photo by AP
As some of you know, a large majority of the states in America are currently bankrupt or on the tip of collapse. By bankrupt, I mean they owe more money than what they produce as a state, and also the budgeted money given to them by the federal government. By law, states are not allowed to run deficits so they are forced to cut government run programs, services and jobs in order to balance out their budget. This article talks about how bad its getting in several key sates around the country including Illinois, Florida, Arizona, Michigan, New Jersey, Pensylvania, New York and California, which is right up there at the top with Illinois.
Barack Obama’s home state of Illinois is near the point of fiscal disintegration. “The state is in utter crisis,” said Representative Suzie Bassi. “We are next to bankruptcy. We have a $13bn hole in a $28bn budget.”
– Ambrose Evans-Pritchard, Telegraph
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