Thursday, July 14, 2011

The Debt Limit and the State Purse

As the federal government runs out of money, Tennessee officials had best guard the purse:

How could this impact Tennessee government? At some point, the feds will begin to lack the ability to pay their obligations even if the debt limit is increased. Such may happen soon or it may occur some years down the road, but when Washington looks to find the money that it does not have and which the rest of the world will no longer give it, it may look to the treasuries of those few States which are in more sound financial condition to help find its largesse. Tennesseans should be prepared to resist federal encroachment upon our fiscal house by all political means necessary.

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At Friday, July 15, 2011 11:34:00 AM, Anonymous Anonymous said...

You do realize that Tennessee get more money back from the Federal Government than it puts in via taxes. The last report I found showed $1.29 back for each $1.00 in taxes.

Before you start resisting by any means, perhaps you should pay back your bill?

At Friday, July 15, 2011 7:42:00 PM, Anonymous Anonymous said...

anon I think you are assuming that we don't pay for those borrowed fed dollars in other ways such as loss of purchasing power.

At Friday, July 15, 2011 7:57:00 PM, Anonymous Anonymous said...

correct! fed funds are like fiscal crack!


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