The States Aren't So Broke After All? Well...If You Say So...
U.S. States Are Morbidly Obese, Right or Wrong?: Joe Mysak
July 24 (from Bloomberg.com) --

The belief that U.S. states and municipalities are staggering under mountains of debt is a popular one. It's wrong.

And if you think California is among the top 10 states showing the most debt, wrong again.

That's what a new report by Moody's Investors Service shows. For all 50 states, the median net tax-supported debt as a percentage of personal income is 2.2 percent, the same as it was a decade ago, according to Moody's.

What this level of debt means is that most states have the capacity to sell a lot more bonds in hard times, which is good news.

As to which state is debtor No. 1, it's Hawaii, not California. California has an expenditure problem, not a debt problem.

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