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The US states, largely, have very little debt. Many of them have legally banned themselves from deficit spending.
by jvm 14y ago
The US states, largely, have very little debt. Many of them have legally banned themselves from deficit spending.
- arethuza 14y agoBut they do have huge pension liabilities which look like they will be pretty difficult to serve: http://www.reuters.com/article/2011/10/24/usa-states-debt-idUSN1E79N0V320111024 http://www.reuters.com/article/2011/10/24/usa-states-debt-id... Also, aren't a lot of individual US cities in trouble? http://news.sky.com/home/world-news/article/16135233 http://news.sky.com/home/world-news/article/16135233 Michael Lewis (author of The Big Short) in his latest book "Boomerang" takes a tour of the places involved in the ongoing financial crisis: Iceland, Greece, Ireland, Germany (as a "victim") and, last but not least, California and the city of Vallejo.