Excerpt from The Globe and mail.com (There's a heap more, but it's an article on US States going bankrupt. How long can they keep ignoring the problems?)
The Globe and Mail describes the situation as red ink, from sea to shining sea.
Forty-eight of 50 states face budget shortfalls this year, they further report. Many shortfalls amount to more than 20 percent of planned spending. The plunge in state tax revenue is the worst on record.
How did we get to this sorry spot? By and large the same way Greece did by spending money we didnt have, and ignoring the consequences as long as possible.
