Friday, June 25, 2010

Thirty-Two States are Now Officially Bankrupt

Thirty-Two States are Now Officially Bankrupt
WHAT THE COMMERCIAL MEDIA WON'T TELL YOU

Thirty-Two States are Now Officially Bankrupt

$37.8 Billion Borrowed From US Treasury To Fund Unemployment Insurance



Global Research , May 23, 2010

Zero Hedge - 2010-05-21



Courtesy of Economic Policy Journal we now know that the majority of American states are currently insolvent, and that the US Treasury has been conducting a shadow bailout of at least 32 US states.


Over 60% of Americans receiving state unemployment benefits are getting these directly from the US government, as 32 states have now borrowed $37.8 billion from Uncle Sam to fund unemployment insurance.

The states in most dire condition, are, not unexpectedly, the unholy trifecta of California ($6.9 billion borrowed), Michigan ($3.9 billion), and New York ($3.2 billion). With this form of shadow bailout occurring, one can only wonder how many other shadow programs are currently in operation to
fund states under the table with federal money.


The full list of America's 32 insolvent states is below, sorted in order of bankruptedness :

NOTE : California is $6.9 billion or $6,900,000,000


California

6,900,000,000

Michigan

3,900,000,000

New York

3,200,000,000

Penn.

3,000,000,000

Ohio

2,300,000,000

Illinois

2,200,000,000

N.C.

2,100,000,000

Indiana

1,700,000,000

New Jersey

1,700,000,000

Florida

1,600,000,000

Wisconsin

1,400,000,000

Texas

1,000,000,000

S.C.

886,000,000

Kentucky

795,000,000

Missouri

722,000,000

Connecticut

498,000,000

Minnesota

477,000,000

Georgia

416,000,000

Nevada

397,000,000

Mass.

387,000,000

Virginia

346,000,000

Arkansas

330,000,000

Alabama

283,000,000

Colorado

253,000,000

R.I.

225,000,000

Idaho

202,000,000

Maryland

133,000,000

Kansas

88,000,000

Vermont

33,000,000

S.D.

24,000,000

Tennessee

21,000,000

Virgin Islands

13,000,000

Delaware

12,000,000

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