The December 18th edition of "60 Minutes" on CBS-TV broadcast a segment where Meredith Whitney, a well known Wall Street Analyst with her own company, provided her analysis of State and Local debt. To say the least, her forecast was dire but, in my opinion not too far off the mark. Living in Connecticut and active on local boards over the last decade, I have seen the state actions that have created this situation. The basic issue is the lack of will by the state legislature to address debt issues and limiting spending when growth slows. Since all the states handle the funding they provide to their towns and cities differently, the financial status of all entities may differ. Below is the link to the segment from '60 Minutes' and the questioning by Maria Bartiromo from CNBC about the segment.
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