States that carry no debt? Are you in one?

Discussion in 'Current Events' started by time, Jul 18, 2011.

  1. time

    time Well-Known Member

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    I've been wondering about this for awhile. How many of you live in a State that does not carry debt and how is your state doing?

    My state, Idaho, is prevented from using debt. The state constitution prohibits it.

    The state does have budget issues. As the economy declines, so do income taxes and sales tax. This forces legislators to cut spending. The only question is where to make the cuts. The fights are huge of course as two of the large cuts came from education and medicaid. But, it is done and the people will adjust.

    We do not face the possibility of the Fed goob having to bail us out, a bonus to the country.

    Taxes are high though, especially for a red state. We have all basics. State income tax, sales tax, property tax, sin tax, and the usuall hidden tax's-fees. So there is a downside.

    How well do you think your state manages debt/budgets?

    Please, no comments on party politics. I would like to only discuss state debt. MSM rarely brings this up.
     
  2. stamphappy

    stamphappy Well-Known Member

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    I researched this a while ago and if I remember correctly, Montana, Wyoming, South and North Dakota were at the bottom of the list debt-wise. New York, Illionois, California were all near the top in debt.

    I'm in Washington State and we have a huge deficit and in comparison to other states, I think we're about in the middle of the pack.
     

  3. Ernie

    Ernie Well-Known Member

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  4. Ann-NWIowa

    Ann-NWIowa Well-Known Member Supporter

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  5. time

    time Well-Known Member

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    My picture isn't aimed at being rosey. Idaho has terrible problems.

    Counties and cities carry debt. Most of this is on voter approved bonds. I don't know how debt clock calculates it's debt by state. My objective with this post is to cover state budget. Counties and cities pose their own problems.

    The States budget however, is determined on projected revenue. This year, revenue was projected to be low. Budgets were allocated based on those projections. Revenue came in over the projected amount. It was doled out by the govenor(the extra). The state is not allowed to borrow to make up for short revenue.

    The state has a "rainyday fund". An actuall surplus held for short revenue times. It has been dipped into. Those not happy with where the goobinor put extra funds feel it should have gone back into the rainyday fund.

    From the lack of responce, it would appear many have a better understanding of the national situation than of their states situation.
     
  6. stamphappy

    stamphappy Well-Known Member

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    time,

    Our governor dipped into our rainy day fund and it's empty now...don't know that we'll ever see it again. We spend about 18% of our state budget on social services and about 51% on education.
     
  7. Sunbee

    Sunbee Well-Known Member

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    Well, I'm in Idaho. The economy is best described as 'what economy?', I believe, but the home school laws are excellent and it's a pretty good place to be left alone by government officials most of the time.
    Wyoming has fairly low individual taxes and fairly high public services because of the oilfields and the taxes paid on minerals, I believe, at least that's the impression I got from living there for a couple years. Of course, having lived most my life in Idaho I don't expect much from public services, so I can't say how Wyoming compares to other states.
     
  8. SquashNut

    SquashNut Well-Known Member

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    Idaho, had a surplus untill the feds started mandating every thing.
    Then they have those stupid school levy votes.
     
  9. wvstuck

    wvstuck Mountaineers are free

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    West Virginia has a balanced budget amendment in our Constitution. So we roll along like everyone else that has to spend what they have. WV has never been a rich state but isn't a bad place to live.

    Different areas have different problems... In my area the local government tries to stay out of our lives as much as possible... But still they rub me the wrong way at times... All and all we're doing ok... But with coal mining constantly under fire, who knows how long it will hold.
     
  10. time

    time Well-Known Member

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    That's what I was curious about. Peoples impressions of their states ability to budget responcibly. I only hear about the ones that are having major problems.

    Like Squasnut and Sunbee mentioned, we are low on public services(wich I kind of prefer) and I have to agree about stupid school levy votes.
     
  11. Bluesgal

    Bluesgal Well-Known Member

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    WOW.. checking those links out is an eye opener.. I'm in AZ and well, most of our problems are known... underfunded pension plans, managers double dipping. The most eye opening figures are that out of a (legal) population of 6,499,296 there are 1,039,923 recipients of food stamps... Each person owes $7,296 towards state debt... lump that in with what the federal debt obligation is and it's more than my mortgage!
     
  12. Wisconsin Ann

    Wisconsin Ann Happy Scrounger

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    Wisconsin is now on the road to a surplus...and Moody's raised our ranking because of it. Companies have started hiring again and expanding. Severe cuts in gov't spending, but no layoffs.

    No one knows how long it will last...but things are looking up for now.
     
  13. shanzone2001

    shanzone2001 Well-Known Member

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    I live in CA....'nuff said. :smack
     
  14. Wisconsin Ann

    Wisconsin Ann Happy Scrounger

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    :grouphug:

    I'm thinking the idea of splitting CA into 2 states should be gaining traction right about now. man...what a mess. Heck....secede and become a country so you can get financial aid. California has so MUCH to offer...tourism, growing season, ocean fishing, ocean power, desalinization, big money ppl, movie making, excellent wines....boggles the mind. :(
     
  15. 7thswan

    7thswan Well-Known Member Supporter

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    We just got rid of the Socialist Jenny here, yup, we've been Blown away.
     
  16. puddlejumper007

    puddlejumper007 Well-Known Member

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    thanks for the info, i just looked at Mich....not good...
     
  17. where I want to

    where I want to Well-Known Member

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    Without saying why people feel the need to do this, a great problem with all governments is that they gather money to give to others when the money is flush. It becomes really hard to take it away when the money is no longer there.
    Remember when there were discussions here about social service departments paying for cell phones for those on welfare? There were people who supported it, saying how it would help those get work or medical care. As I said there is always a tendency to increase benefits- but it's really hard to pull them back. "Need" becomes really a loose definition.
     
  18. shanzone2001

    shanzone2001 Well-Known Member

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    Northern CA is so different than Southern CA, even Central CA. I love living in the Sierra Mountain foothills. I would vote for 2 separate states in a heartbeat!!!!!