Monday, July 12, 2010

How solvent is your commonwealth?


You've heard about the financial meltdowns occurring in states like California, where things have gotten so bad that workers are being issued IOUs instead of paychecks.

But according to US Debt Clock.org, it's not California or New York or Arizona that's in the hottest fiscal water. It's.........Kentucky!

That's right.

According to the real-time info on this "clock," Kentucky's 32 percent debt-to-GDP (technically, it would be Gross State Product, which is the best indicator of a state's economic health) ratio is the highest in the entire nation. And that percentage keeps growing.

And just think, the Kentucky House of Representatives wanted to add more than $1 billion worth of additional bonded indebtedness to the backs of Kentucky taxpayers during the just-completed legislative session. Shameful.

For your added viewing pleasure: Watch the "clock" and you'll see the debt, like magic, increase right before your very eyes!!

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