Why deficits matter

California owes the federal government over 8 and a half billion dollars that it has borrowed to pay unemployment benefits? Yeah, I’m sure that’s going to end well. Not to mention the total of $41b owed by all the states that have borrowed for that purpose (32 of them).

This is among the many reasons the leviathan of a welfare state we have is going to destroy us if we don’t get it under control. I really wonder if Nancy Pelosi, she of the belief that unemployment benefits serve to stimulate the economy, has a clue about the effects the policies she’s fought for are having on her home state and her home country.

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