Our States have gone broke again, and not even their monthly allowance can save them now. Indeed, most of them look like deep pockets, but there is a limit to the level of financial recklessness the economy can endure before it bites back. A look through debt-to-revenue rates of our dear States will leave you shocked and concerned.
Foreign debts apart, our State Governments are now so poor that they can’t even pay back the $2.1bn support fund the equally broke Federal Government gave them to cushion the effects of the COVID-19 on the economy. Hence, our beggared States shamelessly resorted to begging for extension.
Time has definitely deal us our fair share of good and bad hands, but our irresponsible crop of leaders, used to the getting-something-while-doing-nothing culture, never learn to prepare for droughts. I hope we survive this turn.