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The term "broke" does not even apply to Governments.
As long as it has the ability to collect taxes a government cannot go "broke".....lol
What you are incorrectly calling "broke" is merely a State cutting spending to match revenues. ( nothing apparently makes you happy)
The term 'broke' may not apply to government in the same regard it would to individuals, but the government can in fact default. It has happened before to entire countries. Japan was once on the verge of default, and Canada had similar issues not too long ago. Municipalities can just as easily default.
A state cannot simply cut spending to match revenue. Just like the federal deficit, one of the leading causes of state budget deficit is loan interest. I do not have time to explain the entire process to someone that is completely clueless, so read about the default process while I am at work.
And for the record you can be bringing in money and still default if you spend more than you take in and miss payments.
Quote:
Originally Posted by padcrasher
[This is been yet another addition of middle school level economics for right wingers.]
Perhaps you should have paid more attention in middle school... Since the correct word is 'edition' not addition..
the residual effect of 8 years of Dubya Republican crap continues...
You can't possibly think back beyond 8 years of Bush? This train wreck has been in the making since before Clinton. All of them carried the torch lit by the greedy on Wall street and the stupid consumers. This is now, I hate to wake you from your nap, Obama's recession. Lets see what he does with it.
Your response is laughable at best....... in response to that.
Most uninsured?.....I guess we must be healthier so no need for OBAMACARE.
Less per capita income?.......CHEAPER cost of living, therefore one doesnt need as much to live.
More divorces? Divorce is big business, therefore creating revenue.
Teenage Pregnancies? Who cares!! AS long as I dont have to raise them.
More Porn? Sign me up!!!!
A model state? If Texas is "so bad", why do millions from OTHER STATES keep flooding here in droves?
must cut funding to education and hospitals.
paterson: Nys will be broke in 4 1/2 weeks if cuts aren't made immediately - wcbstv.com (http://wcbstv.com/cbs2crew/david.paterson.special.2.1300362.html - broken link)
If people only understood Keynesian economics do not work during recessions and depressions we wouldn't have a problem.
How come Europe can separate the two. If you want a Keynesian system do it during a time of prosperity and when you are in a recession -- follow europe -- and go to a more classical approach to avoid further prolonging the problem.
Wrong answer. They should look first to eliminating unnecessary or redundant government jobs. Then they should look into freezing pay increases all the way to the top of the state government. Next, cut or eliminate spending on social services. How much did NYC spend on the NY Bankees' tickertape parade after buying another World Series title? You know George can afford to pay for that parade himself. After doing all the above, then you "CONSIDER" cuts to education and hospitals.
That is just the scare tactics used-- Pass this budget or you will lose your hospitals, education, police and fire departments.. The citizens will all be in Great Danger!!
This is how our governments operate. Based on fear.
That is just the scare tactics used-- Pass this budget or you will lose your hospitals, education, police and fire departments.. The citizens will all be in Great Danger!!
This is how our governments operate. Based on fear.
...so people will accept it when their taxes are raised, yet again.
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