[Keith_McClary]

16 US Cities Facing Bankruptcy If They Don't Make Deep Cuts In 2011

[Fishman]

That last picture of Jerry Brown was such a laugh. THE politician that accelerated the public union drive and overextension of pensions, is now elected when his chickens are coming home to roost. California, it was good knowing you.

[deMolay]

It looks good on Brown. Each day he will be served up a plate of hot steaming cat shit to eat. He will not be a very popular Democrat after he is forced to start cutting a lot of the tooth fairy schemes he implemented. Here is the lates on US Debt. 24.5 Trillion by 2015 and 114 Trillion in unfunded Liabilities, Can you say forced auterity and the end of the welfare state. http://www.zerohedge.com/article/245-trillion-us-national-debt-144-trillion-unfunded-liabilities-2015?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29&utm_content=Yahoo!+Mail

[Revi]

These cities represent where the rubber hits the road. They are delivering real services to real people. When they get in trouble people suffer. I've heard that a lot of them feel really cheated by the Federal Government, and with good reason. This is going to be a tough winter for a lot of real people.

Instead of giving trillions to the rich, how about a little to the towns and cities that have regular people in them. I've heard that they are going to be in even more trouble since the bonds they rely on were cut by the Republicans recently. Build America Bonds or something like that were cut, meaning that all Municipal bonds will now pay much higher interest rates if they get bought at all.

Merry Christmas from the Scrooges.

[deMolay]

REVI the reason that the so called poor, will be hurt is because the GUBMINTS own welfare schemes have run out of money. The Big Public Sector Unions have sucked the taxpayers dry. Henced the cities and towns are broke. It is not the wealthy that keeps adding socialist programs that have no funds behind them to sustain them. How about cutting all illegals off all welfare and entitlement programs of every type and size. Not a citizen, you get NOTHING so go home. That would remove 15-20 million parasites out of the system immediately.

[Ludi]

the so called poor

There ya have it, "the so called poor."

I guess folks aren't poor enough for the Scrooges.

Are there no prisons? Are there no workhouses?

That's it! Bring back the workhouse!

Incidentally, I'm not sure what "welfare" illegal immigrants qualify for. I'm guessing "next to none."

[vision-master]

REVI the reason that the so called poor, will be hurt is because the GUBMINTS own welfare schemes have run out of money. The Big Public Sector Unions have sucked the taxpayers dry. Henced the cities and towns are broke. It is not the wealthy that keeps adding socialist programs that have no funds behind them to sustain them. How about cutting all illegals off all welfare and entitlement programs of every type and size. Not a citizen, you get NOTHING so go home. That would remove 15-20 million parasites out of the system immediately.

Where will they go. Do they just disappear or what?

[Oneaboveall]

REVI the reason that the so called poor, will be hurt is because the GUBMINTS own welfare schemes have run out of money. The Big Public Sector Unions have sucked the taxpayers dry. Henced the cities and towns are broke. It is not the wealthy that keeps adding socialist programs that have no funds behind them to sustain them. How about cutting all illegals off all welfare and entitlement programs of every type and size. Not a citizen, you get NOTHING so go home. That would remove 15-20 million parasites out of the system immediately.

Where will they go. Do they just disappear or what?

He's hoping they'll die out.

[cephalotus]

How about cutting all illegals off all welfare and entitlement programs of every type and size. Not a citizen, you get NOTHING so go home. That would remove 15-20 million parasites out of the system immediately.

That's 100% Nazi ideology.

In Germany that "removing" strategy for "parasites" (they even used the same vocabulary 70 years ago!) was popular from 1933 to 1945.

I can not recommend it.

[Cog]

If you are expecting any more checks from the federal government, maybe the federal budget picture will change your mind.



The federal government took in $2.1 Trillion in Revenue in 2009.

Some of the major expenses:

Defense and Homeland Security $782 billion
Social Security $678 billion
Medicare and Medicaid $676 billion
Interest on Federal Debt $189 billion

Total so far: $2.325 trillion

Ok so without spending even one dime on education, welfare, roads, or anything else we already have $225 billion dollar deficit.

Now the Republicans won't cut defense and the Democrats won't cut spending on Medicare and Social Security. I can see the need to cut back on both defense and the entitlements or at least restructure them. But no matter how you slice the pie, there is no money to bailout the states and the cities.

By the way we ended up spending $3.52 trillion in 2009 giving us a whopping budget deficit of $1.4 trillion. That level of debt is unsustainable and it will destroy us if we don't get slammed by Peak Oil first.

[Fishman]

Darn those Unicorns just aren't pooping out enough Skittles. We have hit a wall, singing kumbaya will not pay those bills. In almost NO European country are you a citizen if your parents illegal aliens. To pay our bills at present we will have to cut Medicare, Medicaid, Social Security and yes the military by almost 40%.. Do YOU want to spend any of our few remaining dollars on folks who are here illegally? If so, feel free to give up your share of the entitlements above. I get to vote, guess how I voted this past fall?

[deMolay]

Cephalopus, you are so full of shit it is running out of both of your ears at the same time. Illegal Aliens have no Human Right to to anything for free. They can all be deported as far as I am concerned, and don't try bringing out your National Socialist Bullshit with me. The National Socialists were murdering innocent men women and children. That has sweet F. A. to do with deporting Illegal Aliens and cutting off their welfare that they are not entitled to to begin with. And a great majority of them are parasitic...

deMolay wrote:
How about cutting all illegals off all welfare and entitlement programs of every type and size. Not a citizen, you get NOTHING so go home. That would remove 15-20 million parasites out of the system immediately.

That's 100% Nazi ideology.

In Germany that "removing" strategy for "parasites" (they even used the same vocabulary 70 years ago!) was popular from 1933 to 1945.

[Pretorian]

How about cutting all illegals off all welfare and entitlement programs of every type and size. Not a citizen, you get NOTHING so go home. That would remove 15-20 million parasites out of the system immediately.

That's 100% Nazi ideology.

In Germany that "removing" strategy for "parasites" (they even used the same vocabulary 70 years ago!) was popular from 1933 to 1945.

I can not recommend it.

You would if they had won.

[Cloud9]

If you try to save everyone, you will be able to save no one.

[deMolay]

The system is basically broke because of Union Gangsters buying influence with corrupted politicians at all levels of government. You support the Unions and what we want and we will all vote for you bro. Those that say get the rich guys, squeeze them harder really don't see what has happened. Even if you upped the tax on the rich guys to 99%, you would not get enough money to support the welfare state and the unions bloated benefits and wages. The ones that are really making out like bandits are the Public Sector Unions. http://globaleconomicanalysis.blogspot. ... rives.html

[deMolay]

State Budgets The Day of Reckoning/60 Minutes Interview. http://www.cbsnews.com/stories/2010/12/ ... ontentBody

[Keith_McClary]

You lock in a fixed 4% return. Then the government lets inflation run at 6%. Every year you get your interest payments but they don't buy nearly as much as they did the year before.

And they tax you on your interest income.

Also, if you have anything that keeps its value they will consider it to have increased in value by 6%/year for tax purposes.

[Ludi]

Also, if you have anything that keeps its value they will consider it to have increased in value by 6%/year for tax purposes.

How does the government know you have "anything that keeps its value?"

Can you give some real-life examples?

[Tyler_JC]

You lock in a fixed 4% return. Then the government lets inflation run at 6%. Every year you get your interest payments but they don't buy nearly as much as they did the year before.

And they tax you on your interest income.

Also, if you have anything that keeps its value they will consider it to have increased in value by 6%/year for tax purposes.

How did I forget to mention this?

They punish you for standing still and they punish you for trying to keep up with inflation. It's a double whammy.

Although with municipal bonds, there is no federal tax assessed. However, the issuers of the bond know this and offer lower interest rates than comparable corporate bonds.

[Ludi]

Taxes as "punishment." Seems kinda like a victim mentality.