Daily Reminder: January 16, 2012

Three years ago today, California Controller John Chiang announced that because of the state’s $42 billion budget deficit, he had no choice but to suspend $3.7 billion in payments on tax refunds, welfare checks, student grants, and more.  My own brothers, both of whom live in Orange County, were stiffed.

Some years later, New Jersey Gov. Chris Christie would note that, unlike the federal government, state governments are simply unable to print money.

What happens when the federal government has reached that limit? Who pays tax refunds and welfare checks and student grants then?

295 DAYS UNTIL ELECTION DAY
370 DAYS UNTIL JANUARY 20, 2013