Saturday's Random Government Debt Thoughts

Government Debt seems to be in the news today.
It mostly negative economic news on government debt.
We could first look at Greece and their debt.  Greece has relied on bailouts for the past five years and is lax in their tax collections.  They also have few people working since many are fully retired at an early age.  They are around $320 Billion Euros in debt.  They are borrowing once again to keep their government operational.  Their banks have been closed for two weeks now.  Depositors do not have access to their money.  Greece has monumental debt problems.
We could then look at Puerto Rico.  Puerto Rico has many economic issues including the costs of shipping goods to the Island is expensive due to the 1920 Jones Act, an outdated obscure economically irrational law that forces all goods shipped to Puerto Rico to be shipped by an American ship.  Foreign ships that pass through the Caribbean can not drop off goods to the island on their way through due to this law.  Thus the costs of all goods is more expensive in Puerto Rico.  They are around $72 Billion Dollars in debt.  Public Corporations have around $25 Billions Dollars in debt also.  Many islanders are moving to the states.  Puerto Rico has monumental debt problems.
We could then look at Connecticut and their debt.  Connecticut according to a recent George Mason University Mercatus Center report ranked Connecticut 47th out of 50 states in fiscal health.  This means that Connecticut has and will have difficulty in paying both their short term and long term debts in the future.  One would not know this by the recent Democrat state budget that passed along with the announcement yesterday of $7 Million Dollars in pay raises for many state government managers.  Many Connecticut businesses and taxpayers are moving out of state.  Connecticut since is does not publish its debt can only be estimated.  I believe with the new budget Connecticut has about $70 to $80 Billion Dollars in both short term and long term debt and unfunded liabilities.  Connecticut has monumental debt problems.
Government Debt seems to be in the news today.
It mostly negative economic news on government debt.
Too bad our elected officials do not understand the economic consequences of its debt.  Too bad they are only worried about the spoils system they have created for the ruling elite.
Too bad for the taxpayers.