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ANDREW-1162039

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California, Illinois, Florida, New York, Michigan Among States in Most Dire Financial Crisis, Unemployment, Poverty - ABC News

Seeded on Thu Feb 18, 2010 9:56 AM EST
Read ArticleArticle Source: ABC News
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"If global markets ever get tired of fretting over the debt situation in Europe there's certainly no shortage of cash-strapped government entities in the United States that give cause for concern.

How to get over the emotional end of debt and set realistic goals.Setting aside the exploding federal deficit situation, ABCNews.com set out to take a close look at the 50 states from a variety of economic and demographic factors, including total population, projected 2010 budget deficits, credit ratings, foreclosure rates, energy costs, total outstanding debt and unemployment.

Here are the five states spiraling most dangerously toward insolvency: "

The article goes onto list California, Florida, New York, Michigan, and Illinois.

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Andrew-1162039

Certainly the politics in each of these states play a big part in their financial woes, but another interesting point the article makes is that these states also end up importing a lot of their power. The U.S. power infrastructure needs to improve in order for areas with high population densities like those listed above to be able to better manage their finances. Whether it's nuclear, coal, wind, solar, or natural gas, more power production is needed.

    Reply#1 - Thu Feb 18, 2010 10:04 AM EST
    Florida_kes

    Here are the five states spiraling most dangerously toward insolvency: "

    Huh? Florida hasn't even had to make any drastic budget cuts yet...how is it spiraling towards insolvency????

      Reply#2 - Thu Feb 18, 2010 10:52 AM EST
      Andrew-1162039

      The article states they're facing a budget deficit of $2.6 billion next year. Coupled with the fact their population is shrinking, they don't have an income tax to raise revenue, and they don't have a lot of non-essential programs to cut, it means they face some tough decisions down the road. They also use eight times the energy they produce, meaning they're annualy sending a lot of money out of state with little return.

        #2.1 - Thu Feb 18, 2010 11:27 AM EST
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