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Chalkboard of debt of $541 billion. the next biggest, guys, can you tell me is $11 billion? >> texas. >> glenn: how many? >> $33 billion. >> glenn: that is staggering. help me out, joshua on the rainy day funds. who saved anything? >> well, california, hasn't saved my of anything. california couldn't make things work in the good times. they haven't balanced the budget in six years when the economies were strong and most states humming along well. california is a tax system that's dependent on high income tax on people. and when the returns were coming in strong and growing it fast, growing fas...

Chalkboard of debt of $541 billion. the next biggest, guys, can you tell me is $11 billion? >> texas. >> glenn: how many? >> $33 billion. >> glenn: that is staggering. help me out, joshua on the rainy day funds. who saved anything? >> well, california, hasn't saved my of anything. california couldn't make things work in the good times. they haven't balanced the budget in six years when the economies were strong and most states humming along well. california is a tax system that's dependent on high income tax on people. and when the returns were coming in strong and growing it fast, growing fas...

It's a dozen states that enacted or raised the milliontary taxes since the start of the recession. political it's a popular idea. a lot of people are saying let's make the rich people pay more. there hasn't been focus on the long-term economic effects. >> these are the failing states. california, that debt is staggering. $541 billion. rhode island, little teeny state. you walk that state in a day. $8 billion. michigan, 29. oregon, 11. are these the closest to collapse? which are the closest to collapse? >> i don't think any of the states need to collapse. ultimately what you need to do is simp...

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