This must be a parody? Surely tax and spend socialism has not betrayed these blue states and left them begging for loans? Say it ain’t so.
well if we’re already spending over $800 billion, what’s another 7 billion?
Gnu Yak is next in line, The Gov can see it coming.
You pose an interesting question for a more motivated researcher than I.
How do blue states rank in financial health vs red states? Surplus, deficits...
Maybe Teddy Kennedy can write thema check for the difference.
Actually, as a percent of income, Massachusetts is more or less a median state in terms of state spending. It suffers from entrenched public sector unions, as I am sure most states do.
In addition, there was a Dukasis era "temporary" raise in the state income tax from 5.0% to 5.95%. This was repealed by a ballot initiative, but reinstated by the legislature, using an "emergency preamble" clause in the state constitution. ( I believe the current rate is 5.25%. You can pay at the old 5.95% volunarily. Almost no one does, like twenty people statewide. Their average additional libability was like $20.)
Now there now is a ballot initiative to repeal the state income tax completely and replace it with... nothing! It isn't given much chance, but it has the pols scared witless. Governor Patrick has actually called on all state agencies to cut their budgets by 7.5%! This is a first, not even Mitt tried anything like this. (It would have been a non-starter with the legislature anyway.)
These will be interesting times.