State constitutions typically provide that the state first has to service its debt, then make it pension payments, and then pay for services. What we don't know is whether that order will be enforced. And ultimately, the busted state is going to be looking to the federal government for a bailout. Think Greece, but on a much bigger scale.
Eugene FamaRelated topics
debt federal government greece looking order pay pension service state bailoutRelated quotes
The questions which for years were in dispute between the State and General Government, and which unhappily were not decided by the dictates of reason, but referred to the decision of war, having been decided against us, it is the part of wisdom to acquiesce in the result, and of candor to recognize the fact.
Robert E. Lee
Jobs, as such, are a relatively new concept. People may have always worked, but until the advent of the corporation in the early Renaissance, most people just worked for themselves. They made shoes, plucked chickens, or created value in some way for other people, who then traded or paid for those goods and services.
Douglas Rushkoff
You can make more money on unemployment than you can going down and getting one of those jobs that is an honest job, but it doesn't pay as much. And so, that's what's happened to us is that we have put in so much entitlement into our government, that we really have spoiled our citizenry and said you don't want the jobs that are available.
Sharron Angle
Owners of dogs will have noticed that, if you provide them with food and water and shelter and affection, they will think you are god. Whereas owners of cats are compelled to realize that, if you provide them with food and water and shelter and affection, they draw the conclusion that they are gods.
Christopher Hitchens
It is not possible to represent and to think of the cross without love. Where the cross is, there is love.
In church you see crosses everywhere and on everything, in order that everything should remind you that you are in the temple of the God of love, the temple of love crucified for us.
John of Kronstadt