ExiledInIllinois Posted January 21, 2011 Share Posted January 21, 2011 Who on this forum was mentioning what good shape Texas is in? This seems to say otherwise "You know the story and you know the names: states like Illinois, New Jersey, New York, and California are supposed to be in huge financial trouble thanks to bloated governments, business-unfriendly regulations, and strong public sector unions. After a crisis-free 2010, investors are expected to punish these hotbeds of bad governance in a muni bond market rout, at least if pundits like Meredith Whitney are correct. But there's one state, which is fairly high up on the list of troubled states that nobody is talking about, and there's a reason for it. The state is Texas. This month the state's part-time legislature goes back into session, and the state is starting at potentially a $25 billion deficit on a two-year budget of around $95 billion. That's enormous. And there's not much fat to cut. The whole budget is basically education and healthcare spending. Cutting everything else wouldn't do the trick. And though raising this kind of money would be easy on an economy of $1.2 trillion, the new GOP mega-majority in Congress is firmly against raising any revenue." Link to comment Share on other sites More sharing options...
\GoBillsInDallas/ Posted January 21, 2011 Share Posted January 21, 2011 Who on this forum was mentioning what good shape Texas is in? This seems to say otherwise "You know the story and you know the names: states like Illinois, New Jersey, New York, and California are supposed to be in huge financial trouble thanks to bloated governments, business-unfriendly regulations, and strong public sector unions. After a crisis-free 2010, investors are expected to punish these hotbeds of bad governance in a muni bond market rout, at least if pundits like Meredith Whitney are correct. But there's one state, which is fairly high up on the list of troubled states that nobody is talking about, and there's a reason for it. The state is Texas. This month the state's part-time legislature goes back into session, and the state is starting at potentially a $25 billion deficit on a two-year budget of around $95 billion. That's enormous. And there's not much fat to cut. The whole budget is basically education and healthcare spending. Cutting everything else wouldn't do the trick. And though raising this kind of money would be easy on an economy of $1.2 trillion, the new GOP mega-majority in Congress is firmly against raising any revenue." So...they're cutting education and healthcare, two of the biggest pork-barrel items out there: http://www.star-telegram.com/2011/01/19/2781779/highlights-of-proposed-state-budget.html When you take in less money, you spend less. Link to comment Share on other sites More sharing options...
Wacka Posted January 21, 2011 Share Posted January 21, 2011 12.5 billion a year deficit? They're pilkers compared to California. Link to comment Share on other sites More sharing options...
Gene Frenkle Posted January 21, 2011 Share Posted January 21, 2011 Maybe they should just secede and solve the problem for us. Link to comment Share on other sites More sharing options...
boyst Posted January 21, 2011 Share Posted January 21, 2011 Maybe they should just secede and solve the problem for us. Can we sell it to Mexico? Or at least Lease it? Link to comment Share on other sites More sharing options...
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