Arizona Going Bust, To Make Payments in IOU’s

by | Jan 4, 2010 | Headline News | 5 comments

For our readers from Arizona, you probably already know the state of your State’s finances. For those in other states, be on the look out for similar scenarios. We keep hearing about California, but there are a number of states facing serious shortfalls and it is all going to come to a head in 2010.

Arizona could be weeks away from going broke

KOLD News 13 talked with State Representative Vic Williams (R-District 26) on New Year’s Day to get his take on the budget crisis, and what he thinks it will take to get out of this mess.

He says something like this hasn’t happened in nearly three-quarters of a century.

“I don’t know what’s going to unfold here, but it’s not going to be good,” Williams said.

Arizona legislators have not been able to resolve the budget crisis, and our state could be weeks away from running out of money.

That means having to issue IOU’s to everyone.

And it’s not only state workers, but also those who provide services, such as child care centers.

Ah, what the heck, let’s issue the IOU’s. They can’t be worth any less than the US Dollar.

Chances are, Arizona (et. al.) will ask for federal government bailouts. That’s all well and good, but the end scenario will be the US Government that ends up going bust. The states are just a prelude to the biggest bust in the history of the world.

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    1. Dr. Acula

      Arizona should not be dealing in IOU’s or in dollars. The Constitution requries States to accept only gold and silver as legal tender in payment of debts.

      Maybe for Arizona, following the Constitution would be good start.

    2. admin

      LOL, right on Doc!

    3. Chris C.

      You are correct Dr, but you and I both know what would happen if Arizona tried going “back to the Constitution”. Not that they could however, there isn’t enough money in gold and silver in the entire midwest to take care of Arizona’s budget woes.

    4. youcancallmeray

      They could give people a plot of land for payment.That way when their house is foreclosed they will have a place to put up a tent.
      This could be a win win here.
      Well except you would still have property taxes.

    5. admin

      Don’t give the Chinese any ideas!   🙂

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