State Welfare & Wealth Transfer
Biggest Winners (net gains):
Biggest Losers (net loss):
Participating in free federal government programs is not the same (at all) as taking on unsafe levels of debt, so the Euro-zone comparison breaks down there.
Also, just speaking for myself, I care about the poor people in New York just as much as the ones in Alabama. So if we're going to have government programs that help people out, they'll apply to everyone. If there are more poor in Alabama than in NY, that's how it goes.
He also says this:
Today, the states can't borrow money.