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.
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.