Zerohedge posted this gem:
Courtesy of Economic Policy Journal we now know that the majority of American states are currently insolvent, and that the US Treasury has been conducting a shadow bailout of at least 32 US states.
Over 60% of Americans receiving state unemployment benefits are getting these directly from the US government, as 32 states have now borrowed $37.8 billion from Uncle Sam to fund unemployment insurance.
The full list of America's 32 insolvent states is below, sorted in order of "bankruptedness" shown in millions.
California $6,900 Michigan 3,900 New York 3,200 Penn. 3,000 Ohio 2,300 Illinois 2,200 N.C. 2,100 Indiana 1,700 New Jersey 1,700 Florida 1,600 Wisconsin 1,400 Texas 1,000 S.C. 886 Kentucky 795 Missouri 722 Connecticut 498 Minnesota 477 Georgia 416 Nevada 397 Mass. 387 Virginia 346 Arkansas 330 Alabama 283 Colorado 253 R.I. 225 Idaho 202 Maryland 133 Kansas 88 Vermont 33 S.D. 24 Tennessee 21 Virgin Islands 13 Delaware 12
How many of these states are considered "Blue States"?
The top 5 definitely are.
I don't think that the American taxpayer should have to pay for the expensive consequences of failed progressive-socialist policies in those states. When these states pay out more than they are taking in, then that is a fiscal failure. When they cannot cover their obligations in pensions and unemployment benefits and other programs, then that is fiscal failure. When they over-tax their most successful citizens and businesses in order to fund every social giveaway under the sun, and still don't have the money to pay their obligations, then that is a fiscal failure. That is why people and businesses end up LEAVING those states.
They’ve got the usual Socialist disease—they’ve run out of other people’s money.” ....... ----"The trouble/problem with socialism is that you eventually run out of other people’s money.” Margaret Thatcher (paraphrased)
Just wait till "Obamacare" kicks in.