How to Deal With a Debt Crisis and a Deficit Crisis

If you're in a state like Connecticut New Jersey Illinois and so on that has large debts a large wealth gap and you know experiences a downturn then you create a dynamic where either raising taxes or cutting spending makes the place more difficult to be. Those with income don't want to experience the tax increases and when you cut expenses those expenses are for the people who are really the poor people in those states are intolerable, he says. "It begins a self-perpetuating cycle"