Your share of the state debt (Here’s your state’s burden per capita

CNN Money ^ | 07/30/2010 | Tami Luhby

[SeekAndFind]

NEW YORK (CNNMoney.com) -- The states are broke, and like many consumers, they're borrowing big time to get out of their fiscal binds.

The amount of debt that states are carrying spiked 10.3% last year to $460 billion, according to Moody's Investors Service. The debt is paid for through taxes and fees, making residents ultimately responsible.

The median personal share of this burden jumped to $936, from $865 in 2008.

And it's likely that states will turn to the bond markets even more this year as federal stimulus money dwindles, experts said. After all, officials face an additional $12 billion shortfall for the current fiscal year and a $72 billion gap for fiscal 2012, which starts next July 1.

Debt "is a tool to help bridge the gap between the downturn and when the economy starts to recover," said Robert Kurtter, a managing director at Moody's.

States are relying on the debt markets in a variety of ways. With less cash on hand, some state officials are borrowing more to fund capital projects. Other states are engaging in so-called deficit financing, where they issue bonds to cover their budget shortfalls or restructure their debts to lower their monthly payments.

[SeekAndFind]

To see how much the tab is in your state, Click this link

[Doulos1]

Top three liberal states. Bottom three conservative states.
Image that. Wonders never cease.

[exhaustguy]

I would not necessarily call Iowa a conservative state. We are purple, but both sides of the aisle are a little more pragmatic than other states. We have also not done as badly as some of the other states during the recession (we have a very strong export base fueled by food and heavy equipment). We also benefit with a relatively small urban population.

We also get taxed to death. When we moved back from Tennessee, it was for family and not for our financial benefit. Income taxes are high, sales taxes are high (except for food), and property taxes are high. Winter is cold. Summer is hot and oppressive. We get lots of floods. Almost as many tornadoes as tornado alley.

Still I love living here. It is a great state to raise a family. In general I am happy with the public school (especially math and science). The bike trails are awesome. Crime is relatively low.

[MNJohnnie]

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