State Debt Quotes

People question me all the time about my experience. They question my experience in politics, and the first thing I always tell them is yes, I have no experience raising taxes over and over. I have no experience increasing the debt in a state.

Let me tell you the story about Massachusetts under Governor Romney. It did fall to 47th out of 50 in jobs creation. Wages went down when they were going up in the rest of the country. He left his successor with debt and a deficit, and manufacturing jobs left that state at twice the rate as the rest of the country.

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.

The Annual Reports of the British Council of Foreign Bondholders still record the fact that the holders of the bonds of various Southern states, to the amount of sixty million dollars principal (interest at 6 percent for some fifty to eighty years), still are waiting to be repaid.

We've discussed the public sector union people. We are messing with their bread and butter. They have their hands in the treasuries of all states in which they operate and the US Treasury. They have their hands there. That's how they live. Now, we're broke and the states are broke for a multitude of reasons. What they're being paid is among them.

He is blind indeed who does not see, in the signs of the times, a strong tendency to plunge the Union as deep in debt as are many of the States, and to subjugate the whole to the paper system.

In addition to reining in spending, taxes, tolls and fees, let's rein in how much the state borrows.

By taking out a loan, I am committing myself to years of interest repayments, and therefore to years of wage slavery. And the UK has been borrowing like crazy since 1694, when the Bank of England was invented. This means that we are locked into high taxation to pay for 300 years of wars and other costly and generally disastrous state enterprises.

People who wouldn’t think of raising taxes think there’s nothing wrong with mortgaging the future of their state

We do not want Ukraine to default. On the contrary, we need an economically viable partner. However, debts should be paid, and this includes state and commercial debts

The entitlement state has driven us into insolvency.

In my mind, there is arguably a greater risk of a default on the debt of a U.S. state than there is on the debt of a euro-area member. I consider it unthinkable that a euro-area country would default.

One needs a comprehensive concept that decides just how much debt states like Greece, Ireland, Portugal, Spain and Italy can sustainably bear.