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Blue States in the Red

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  • Description

    FBN’s Lou Dobbs on California, Illinois and New York’s budget woes.

  • Duration 4:20
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Focus nationwide is on the fiscal health of the federal government but balancing the budget isn't just a federal problem.

And new rankings out this week shows some of our so called Blue States are Washington ready.

Tonight with -- -- kind of interesting to take a look at three of those states three of the biggest.

With the biggest problems and number one of course is.

California and we want -- credit 24 seven Wall Street big just name California.

Be worse.

Russian state in all of the country for a second here in a -- way to go California.

But one of the reasons as its unemployment rate it's pretty impressive early.

Eleven point 7%.

That's the second highest rate in the country.

Home prices there plunged 33.

Point 6% between 2006.

And -- -- -- that -- more than a third.

And sixteen point 6% of the population in California.

Sixteen point 6%.

Of the population.

Lives below the poverty line.

In the Golden State.

That's not all forms magazine -- being.

It is one of the worst death spiral states that's.

Forbes came up with the agreed that nomenclature the death spiral states -- -- eleven of them.

California right at the top there becomes for every 100 private sector workers in California.

For every hundred working in the private sector.

California has only a 139.

And keep all depended upon it.

Or their employment their pension and welfare in some fashion.

So power they how are they doing that in California while obviously they're not.

But state voters just passed a ballot initiative -- raise sales taxes and income taxes for people who make.

At least 250000.

Dollars a year so don't worry about it.

By the -- that was after the tax report foundational in California's business tax climate as the third worst in the country.

The third worst -- manager who's going to be number one next year where that.

Let's turn Illinois and then bring this week as the third worst run state and all the country.

In 2010.

State's budget deficit was more than 40% its general bond.

40%.

It's the second highest of any state S&P and Moody's bolt -- Illinois the second worst credit rating.

In all of the fifty states.

And Illinois is.

-- only funded 45% of its pension liability.

It is the lowest percentage of any state unemployment in Illinois.

-- impressive as well nine point 8%.

They've got things wrong hands in Illinois and -- and that's -- Wednesday that President Obama.

Anyway it's the tenth highest unemployment rate in the country.

Forbes also -- Illinois a death spiral state because for every hundred private sector workers in Illinois.

There -- hundred.

And three depending.

Upon those private sector -- -- New York.

New York -- is aiming at the six worth debt spiral state because for every 100 private sector jobs in New York.

There -- -- hundred.

And seven who depend.

On the private sector.

Or there or are there.

Weather system.

New York by the way has a per capita -- -- -- -- 6700.

Dollars 6700 dollars just for the State of New York the sixth highest in the country.

And we've got people worried about the fiscal -- which is worth worrying about.

But some of these states.

And it -- Massive problems and these three among the unemployment in New York is eight point 2%.

The 24 wives and 16%.

16%.

Live below par realize.

It's the 22 highest that judge -- how much trouble some of these states -- -- all three of these states by the way.

Have democratic governors and democratic.

Led and controlled legislatures.

Do you suppose.

That's a coincidence.

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