‘Day of Reckoning’: Chris Christie Tackles Massive State Debt on ‘60 Minutes’

It could be the biggest crisis since the collapse of the housing market. That’s how experts are describing state budgets, which are becoming so spend-heavy that municipalities are now drowning in debt and unrealistic spending obligations. This is the train reck that will hurt Americans the most. Thanks to liberal spending and deficit spending we the people are going to be dealt a blow that we can't print our way out of. Now not all cities and states spent like there was no tomorrow. And that is where the problem lies. Do you think that a conservative state like Texas that has balanced their budget will see no problem with giving say California money? Lets say you are a saver and your neighbor is a spender. Should you have to pay off his debt because he couldn't save? Is that "social justice"? Do you think that that might give more credence to the idea of cessation from the union? I know Michigan is going to be one of the first states in the union to ask the rest of the union for money. It's going to be a rough ride, are you ready for it?  Business Insider calls the piece, “what everyone will be talking about today”:

Last week, the Manhattan Institute’s Steve Malanga called the state budget problem a “fiscal train wreck,” and compared benefits in the public sector to benefits in the private sector. In short, he confirms Christie’s call for cuts:

One big area of concern is employee costs, including not only pay but benefits. According to the governor’s association report, the average state worker now earns $39.83 an hour in compensation, including benefits, compared to an average of $27.49 in the private sector. The big differentials are in health benefits ($4.43 per hour in the public sector vs. $2.01 in the private sector), and in pension costs ($3.23 per hour in the public sector vs. 94 cents per hour in private industry). As the report noted, “To have any hope of achieving fiscal health in the future, states will need to redesign their benefit systems.”