Detailed text transcripts for TV channel - CNN - 20110222:04:50:00
This is really a misperception of what is the issue driving states into bankruptcy. yes, there are pension issues that are significant. there are issues of wage levels that have to be dealt with. the crisis for states is a revenue crisis, we have had the worst recession/depression since 29, revenues are down 15%. all of the states costs are fixed costs, and so when you have that gap, you have a crisis, this is not suddenly the civil service workers are being paid so much more than they were two ...
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