Video report: The coming collapse in the state budgets: "A mostly good video report by 60 minutes (via The Right Scoop via HotAir):
Ed Morrissey points out this gold nugget too:
remember one key statement about halfway through this from Steve Kroft: the Great Recession didn’t cause this budget insanity, it merely exposed it. The overspending has been going on for decades, especially in places like Illinois, California, and New Jersey, as well as ridiculous union contracts that have California spending more on its public employees than it does on the entire state-owned public university systems it operates. Illinois has gotten so bad that landlords are evicting legislators from their business offices and police officers attempting to put gas in the tanks of their patrol cars have their state credit cards declined at the pump.And as usual, Chris Christie speaks truth to power in the video.
UPDATE: More from CBS News via memeorandum: State Budgets: The Day of Reckoning. That day should have come almost 2 years ago. Instead, the stimulus boondoggle moved that day to now when the problem is even worse. More thoughts from Betsy's Page and Commentary
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