It is not surprising that some US states are facing large deficits between budgeted spending and incoming revenues. However, state bankruptcies occur when states cannot meet their bond obligations, which have little to do with operating expenses.
It is not surprising that some US states are facing large deficits between budgeted spending and incoming revenues. However, state bankruptcies occur when states cannot meet their bond obligations, which have little to do with operating expenses.
The Austrian school recognizes that economic analysis
