Video: '60 Minutes' investigates state governments with mountains of debt and uncontrolled spending

Last night, '60 minutes' ran a segment on the economic crisis facing state and local governments.

“The day of reckoning is at hand,” the '60 minute's' Steve Kroft announces ominously, “The States have collectively spent a nearly half a trillion dollars more than they collect in their taxes, and there is a trillion dollar hole in their pension funds. . . .
 some believe that it could derail the recovery, cost many of public their jobs and require another big bailout package that no one in Washington wants to talk about.”

This segment features Meredith Whitney, a well known financial analyst who predicted the credit crisis and the housing bubble. She now points to state and local governments as the next financial crisis.

The video also features Governor Chris Christie's battle to fight for the financial health of New Jersey and examines other states in trouble such as Illinois and California.

“The federal government doesn't have the money to paper over it anymore, either, for the states,” Christie says. “The day of reckoning has arrived.”

The video has a few ads, but the entire segment is very interesting. Watch below:

Beltway ConfidentialChris ChristiespendingUS

If you find our journalism valuable and relevant, please consider joining our Examiner membership program.
Find out more at www.sfexaminer.com/join/

Just Posted

San Francisco Police Officer Nicholas Buckley, pictured here in 2014, is now working out of Bayview Station. <ins>(Department of Police Accountability records)</ins>
SF police return officer to patrol despite false testimony

A San Francisco police officer accused of fabricating a reason for arresting… Continue reading

Disability advocates protested outside the home of San Francisco Health Officer Tomas Aragon. (Courtesy Brooke Anderson)
Vaccine rollout plan for people with disabilities remains deeply flawed

On February 13, disability activists paid a visit to the house of… Continue reading

Mayor London Breed and Supervisor Shamann Walton announced that funding would be diverted from the police budget toward the black community in June 2020. (Kevin N. Hume/S.F. Examiner)
City directs $60 million toward Black community services and housing support

San Francisco released new details Thursday for how it plans to spend… Continue reading

The Stud, The City’s oldest gay bar which is vacating its longtime home at Ninth and Harrison streets after more than 50 years, on Thursday, May 21, 2020. (Kevin N. Hume/S.F. Examiner)
City’s nightlife recovery fund approved but struggling business owners fear relief may come too late

As San Francisco’s nightlife scene approaches nearly a year of a complete… Continue reading

Riordan Crusaders versus St. Ignatius Wildcats at JB Murphy Field on the St. Ignatius Prepatory High School Campus on September 14, 2019 in San Francisco, California. (Chris Victorio | Special to the S.F. Examiner)
State allows high school sports to resume, but fight is far from over

For the first time since mid-March 2020, there is hope for high… Continue reading

Most Read