The other ginormous elephants in the room are the state debt and budget crises.
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State debt, some 5% of GDP in 1993, skyrocketed to about 20% of GDP in 1998.
Los Angeles, with its smog, bum economy, suffocating state debt and off the charts traffic, is the past.
Things reached a nadir in 2004, when state debt soared to 33% of GDP (it is 22% today).
Hamilton's assumption of state debt was contentious: virtuous states did not think they should pay for lax ones.
Online, we featured things like a nifty interactive state-by-state debt map .
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Ultimately the biggest winners may be those who finance municipal and state debt.
At least the current package to cut state debt and give tax breaks to business from 2001 points in the right direction.
State debt service will continue to be paid under an ongoing appropriation.
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State debt appears to be quite low by international standards (just under 20% of GDP) but when all government obligations are lumped together, the authors reckon it is actually 76%.
Patrick's Day prompted Gov. Paul LePage to relent on a vow to veto any bill that reached his desk before lawmakers pass his proposal to pay a state debt to hospitals.
Germany cannot stomach the thought of the ECB fuelling inflation to dissolve overbearing European wide state debt and is refusing to let the EU go on a course of resetting out of control debts.
The Tories have warned that spiralling state debt could force the government to follow in the footsteps of Labour former chancellor Denis Healey, who approached the IMF for a bailout as the economy struggled in the 1970s.
Fitch said it was not convinced by the Greek government's plans to reduce state spending, saying that the state debt burden was likely to rise to close to 130% of gross domestic product and that further fiscal slippage could result in another downgrade.
Mr. Megna disputed this, saying that the level of state debt to be issued over the next five years is expected to remain essentially flat, and that the budget doesn't increase the state's debt load, with total debt as a percentage of personal income expected to decline to 4.6% from 5.5% over the next five years.
He drew on a warning from economists about this economic downturn and said: "Normally a state debt is with its own inhabitants but this time it is international so you cannot increase tax to hit debtors, pensions and demography are against us at this moment in time, and other instances of debt overhang there has not been the same level of personal debt".
Business debt was flat, but local and state government debt grew 4.3% and federal government debt ballooned another 18.5%.
Gross total debt is the sum of consumer, corporate, state and municipal debt plus U.S. government debt including that portion held by Federal agencies and trusts.
The magazine devoted its cover a year ago to the risk of rising local, state and national debt levels.
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Mr Kennett is a conservative who set out to slash the state's debt and to restore Melbourne to its former glory.
But at the end of this tough road, state budgets, debt burdens, economy and currency will be back to a sustainable equilibrium.
Is there a justification or precedent for state-supported debt relief or forgiveness?
When federal, state and local debt surpass GDP early next year the event will trigger headlines and a national discussion of what to do about it.
The deteriorating state of public debt as off-budget spending swelled combined with institutional weaknesses and the rigidities imposed by the pegging of the peso to the US dollar, it found.
The broad economic benefits show up not just in jobs and incomes, but also in huge reductions in imports and our trade deficit, as well as reductions in both state and federal debt.
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These members also sent letters and pertinent attachments to every state treasurer and attorney general in the country in August and again in November of last year urging a security-minded review of state equity and debt portfolios.
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QE3 could be state and local debt.
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Even while Governor Brown brags of a balanced budget, he ignores the off-budget pension fund deficit which threatens loss of government services and closure of parks and libraries, prompts municipal bankruptcies, and keeps the state deeply in debt.
So rather than steal identities wallet by wallet, or computer by computer, they lift names and Social Security numbers by the dozens, or the hundreds, or the thousands, often with the help of corrupt insiders with access to personal data, including tax preparers, health care billing clerks, state employees and debt collectors.
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