“[States] can raise taxes as much as they want,” said de Rugy, “but they have no guarantee that they can raise revenue and the other thing is yes they have spent a gigantic amount of money in the last 10 years, if you include stimulus funds, almost 45 if not 50 percent, increase in state and local spending.  This is gigantic.  But this is nothing compared to wave of spending they are going to face with the unfunded liabilities.”