How Bad is Our Economy? Even Our Reality Checks Are Starting to Bounce! (Part 1)-by Mike Minton

This is going to be a long article, requiring lots of investigation, calculation and study, so please bear with me, as I am sure I will have to spread it out over several days. Thanks for your patience.

Okay, I guess this is kind of an opinion piece on a couple of the “Mike’s Straight Bullitts” stories I have done. Folks, we are facing the kind of financial situation which could literally bring our country down. Drastic measures HAVE to be taken…and NOW!

As we have recently seen, city after city and state after state have begun to cave to financial deficits. Just recently, I wrote a story on Providence, R.I., which is facing a $40 Million shortfall. They recently sent out “pink slips” to all of their 1,926 teachers. Not that they plan to fire them all, but they have to notify them by March 1st, according to contracts, if the possibility exists.

The state of Rhode Island itself is facing a deficit of $427 million for FY 2011. And in Wisconsin, about which we have heard so much recently, they are facing a state deficit of between $2.0-3.6 Billion, depending on which party you belong to.

My hope here is to list all the states which are running deficits, and let you know how much that state’s deficit is going to cost every man, woman and child who is a citizen of said state. Additionally, I wish to emphasize that EVERY SINGLE man, woman and child in America owes the United States government $45,685.00 because of our rapidly growing national debt, an amount which increases on a daily basis. You may want to sit as you read this, and maybe have a defibrillator close by.

Mind you, this doesn’t matter if it’s your grandmother who was born in 1940, your mother who was born in 1970, or your bay boy who was born this morning. We all owe the Feds at least $45,685.00.

First, let me start by saying that a report by Mcclatchy newspapers suggests that 44 states and the District of Columbia will begin their 2012 fiscal years with a combined shortfall of $125 billion.

The following table comes from the Center on Budget and Policy Priorities, and can be found here: http://www.cbpp.org/cms/?fa=view&id=711. It is a pretty disturbing picture.

TABLE 1:

STATES WITH PROJECTED FY2012 GAPS

FY12 Projected Shortfall Shortfall as Percent of FY11 Budget

Arizona $974 million 11.5%

California* $25.4 billion 29.3%

Colorado $988 million 13.8%

Connecticut $3.7 billion 20.8%

District of Columbia DK na

Delaware $208 million 6.3%

Florida $3.6 billion 14.9%

Georgia $1.7 billion 10.3%

Hawaii $410 million 8.2%

Idaho $300 million 12.6%

Illinois $15.0 billion 44.9%

Indiana $270 million 2.0%

Iowa $294 million 5.6%

Kansas $492 million 8.8%

Kentucky* $780 million 9.1%

Louisiana $1.7 billion 22.0%

Maine $436 million 16.1%

Maryland $1.6 billion 12.2%

Massachusetts $1.8 billion 5.7%

Michigan $1.8 billion 8.6%

Minnesota $3.9 billion 24.5%

Mississippi $634 million 14.1%

Missouri $1.1 billion 14.4%

Montana $80 million 4.3%

Nebraska $314 million 9.2%

Nevada $1.5 billion 45.2%

New Hampshire DK na

New Jersey $10.5 billion 37.4%

New Mexico $410 million 7.6%

New York $9.0 billion 16.9%

North Carolina $3.8 billion 20.0%

Ohio $3.0 billion 11.0%

Oklahoma $600 million 11.3%

Oregon* $1.8 billion 25.0%

Pennsylvania $4.5 billion 17.8%

Rhode Island $290 million 9.9%

South Carolina $877 million 17.4%

South Dakota $127 million 10.9%

Tennessee DK Na

Texas $13.4 billion 31.5%

Utah $437 million 9.2%

Vermont $150 million 13.9%

Virginia* $2.3 billion 14.8%

Washington $2.9 billion 18.5%

West Virginia $155 million 4.1%

Wisconsin $1.8 billion 12.8%

States Total $124.7 billion 20.0%

Note: Kentucky and Virginia have two-year budgets. They closed their FY2012 shortfalls when they enacted their budgets for the FY2011-FY2012 biennium. California’s shortfall includes an $8.2 billion shortfall carried forward from FY2011. Oregon’s shortfall is one half of the state’s total projected shortfall for the 2011-2013 biennium.

First, we’ll start with Arizona, which has a FY 2012 projected deficit of $974 Million. There are an estimated 6,595,778 people in Arizona, according to the U.S. Census. That makes the STATE debt of every man, woman and child in Arizona $147.67. This, of course, does not include the federal deficit, which brings the amount to 45,832.67.

That’s it for the first installment, but don’t worry, we still have 49 states and the District of Columbia to go.

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About Mike's Bullitts

I call it "Mike's Bullitts" because I am from a small Kentucky county by the name of Bullitt. And, of course, my name is Mike. You can also catch my radio show at: http://www.blogtalkradio.com/mikesbullitts/2012/02/29/the-mike-minton-show
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