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State and local debt?
The only government that can run a deficit is the federal government. State and local governments must balance their budgets, by any way they can, be it reducing programs, hiking taxes or floating bond issues. Bond issues and borrowings result in moneys being paid in interest that only add to future problems since even less money is available for programs.
ALL kinds of debt, allowed to accumulate without control, is bad. Unfunded mandates to states and locals are bad. And, I really would like to see how a War, pegged at a few hundred billion has morphed into trillions of dollars worth of debt. Where did the rest of that money go? Certainly didn't come to southern Arizona. We still have local police and a pitifully small group of Border Patrol folks shovelling against the tide of people coming across the border.
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Bob S. former owner of a 1984 silver 944
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