US State govt debt is no big deal. The real issue is the revenue crash and employment drop from the recession. Debt service has first dibs on revenue, often by law or even state constitution, otherwise for all practical purposes, and is not a big share of budgets. The problem is the recession occasioning attacks on services and pensions, combined with inadequate Federal anti-recession aid.
On Wed, Dec 31, 1969 at 7:26 PM, Sabri Oncu <[email protected]> wrote: > Federal debt is unimportant Max, because it has never been repaid, and > will not be for the foreseeable future. Try the same for the state > debt and you may do better. > > Sabri > _______________________________________________ > pen-l mailing list > [email protected] > https://lists.csuchico.edu/mailman/listinfo/pen-l >
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