Letter Re: State Government Debt Levels
James, I just finished reading one of the financial articles you linked in yesterday’s post. The topic of the article was debt levels of U.S. states. In it, the author broke down the debt burden of each state citizen; for example, a Californians’ per capita obligation is just over $16,000, while Texans are at a lower level of around $11,000. So: Two things. First: I think in doing this we are perpetuating the concept of the State’s (used here in the sense of a nation-state/political entity) authority to impose the public debt burden on non-sovereign individuals. While I …