Science, Innovation, Politics
Is Turkey bankrupt and run by corrupt thugs like Illinois?
Finland appears twice. Is that a mistake, or its economy is split between two States?
Nanodots,no, Turkey is run like Alaska by religious fundamentalists, who (also like Alaska) strive to behave civilly enough to avoid been criticized by the larger bodies to which they belong or aspire to belong.
Correction: Finland appears three times!
-4-Hector M.Thailand appears 4 times, must be a shortage of countries at certain GDP levels ;-)
Finland, Finland, Finland, The country where I want to be, Pony trekking or camping, Or just watching TV.
Are you suggesting that the balanced budget provision is artificially keeping Colorado's economy from being as strong as it might otherwise be? Maybe not as strong as Portugal's (as evidenced by your link), but at least that Colorado could be a stronger player if they were allowed to run deficits?
It would be interesting to see GDP of key cities. New York's $1T I bet is mostly concentrated in NYC.
Of course, if state governments were held to the same standards as businesses, hundreds (thousands?) of legislators and governors would be sitting in prison cells for fraud. "Mandated balanced budgets" are pure paper - unethical bookkeeping is the norm in state government. This is where it's fair to compare American states to sovereign nations like Greece and Portugal. The politicians keep papering over their debts to keep the money flowing to electoral special interests, and keep themselves in office. Illinois, California... meet Greece. And like Greece, eventually the game ends. Illinois is borrowing to pay off earlier borrowing to pay off ongoing expenses - never mind the massive unfunded liabilities. Illinois will fail. You can paint it any way you want, but Illinois will fail.
-7-cruelmistressNo, what I am suggesting is that Colorado is not directly part of the global economy, whereas Portugal is ... a more appropriate comparison to Colorado thus might be Catalonia.Of course, this gets to the essential fiscal and monetary policy differences between the US and EU.
It is also interesting that California would slip to 9th in the 2010 GDP rankings according to this source. http://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)
I couldn't find out if the comparison was on a PPP or MEX basis. If it's MEX, a PPP comparison would change things significantly.