Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

State Budgets: The Day of Reckoning (BREAKING NEWS to many - on SeeBS)
CBS News ^ | 12/19/10 | Steve Kroft

Posted on 12/19/2010 8:29:45 PM PST by Libloather

State Budgets: The Day of Reckoning
Steve Kroft Reports On The Growing Financial Woes States Are Facing
Dec. 19, 2010

(CBS) By now, just about everyone in the country is aware of the federal deficit problem, but you should know that there is another financial crisis looming involving state and local governments.

It has gotten much less attention because each state has a slightly different story. But in the two years, since the "great recession" wrecked their economies and shriveled their income, the states have collectively spent nearly a half a trillion dollars more than they collected in taxes. There is also a trillion dollar hole iln their public pension funds.

The states have been getting by on billions of dollars in federal stimulus funds, but the day of reckoning is at hand. The debt crisis is already making Wall Street nervous, and some believe that it could derail the recovery, cost a million public employees their jobs and require another big bailout package that no one in Washington wants to talk about.


TOPICS: Crime/Corruption; Extended News; Government; News/Current Events
KEYWORDS: broke; budget; loot; state
...but you should know...

And that's why Big Media sucks.

1 posted on 12/19/2010 8:29:53 PM PST by Libloather
[ Post Reply | Private Reply | View Replies]

To: Libloather

“It has gotten much less attention because each state has a slightly different story.”

Seems pretty much the same to me... Libs take power. Libs borrow lots of money to give political bribes to the key constituencies.

But I guess the media doesn’t like to talk about that similarity.


2 posted on 12/19/2010 8:33:51 PM PST by Brilliant
[ Post Reply | Private Reply | To 1 | View Replies]

To: Libloather

They had to take this story down to report the Japanese attack on pearl Harbor.


3 posted on 12/19/2010 8:39:34 PM PST by Williams (It's the policies, stupid.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Libloather

The story is that every state is “owned” by Obama/feds. Every state has one hand in our pocket and the other hand out to the fedgov. Beyond that, Obama doesn’t recognize “states rights.”


4 posted on 12/19/2010 8:49:00 PM PST by anniegetyourgun
[ Post Reply | Private Reply | To 1 | View Replies]

To: Libloather

(yawn)
As long as it doesn’t come down to red states bailing out the socialist, irresponsible blue states, I couldn’t care less. Thank God we have a GOP House.


5 posted on 12/19/2010 8:49:08 PM PST by Lancey Howard
[ Post Reply | Private Reply | To 1 | View Replies]

To: Libloather
But in the two years, since the "great recession" wrecked their economies and shriveled their income, the states have collectively spent nearly a half a trillion dollars more than they collected in taxes.

Yes, the recession has been devastating to California, but to be honest, our budget problems started long before the recession. Our day of wreckoning will be a big crash from which we won't be able to rebuild.

6 posted on 12/19/2010 8:51:02 PM PST by umgud
[ Post Reply | Private Reply | To 1 | View Replies]

To: Lancey Howard; SC Swamp Fox
Thank God we have a GOP House.

I'm with you. This is a great time to live in a bright RED state like South Carolina.

Looking forward to Nikki Being our Governor

7 posted on 12/19/2010 8:54:45 PM PST by upchuck (When excerpting please use the entire 300 words we are allowed. No more one or two sentence posts!)
[ Post Reply | Private Reply | To 5 | View Replies]

To: Libloather

If you watch the clip with Chris Christie being interviewed by Steve Croft, Christie comes across like a pandering, sniveling coward. He repeats the “both parties” mantra at least four times and proclaims that state budget shortfalls are the fault of “both parties across the nation”.

Perhaps in a few states the Republicans contributed, but let’s get real - - could anybody else say with a straight face that it hasn’t been primarily the scumbag Democrats who have spent and wasted tax dollars like drunken sailors on shore leave?

I am not liking what I am seeing from Christie here. Just when I think he’s got guts, he caves and panders and runs from the scumbag Democrat “mainstream” newsrooms just like a “moderate”.


8 posted on 12/19/2010 9:00:11 PM PST by Lancey Howard
[ Post Reply | Private Reply | To 1 | View Replies]

To: Libloather

Seattle/Tacoma papers reported on Friday about WA state budget being cut by $4.6 billion, and how the governor was bawling huge crocodile tears about it. When will these idiot liberals ever learn? I know, never.


9 posted on 12/19/2010 9:49:39 PM PST by Newtoidaho (Liberals are drooling buffoons backed by satanic goons.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Lancey Howard

If you watch the clip with Chris Christie being interviewed by Steve Croft, Christie comes across like a pandering, sniveling coward. He repeats the “both parties” mantra at least four times and proclaims that state budget shortfalls are the fault of “both parties across the nation”.

Perhaps in a few states the Republicans contributed, but let’s get real - - could anybody else say with a straight face that it hasn’t been primarily the scumbag Democrats who have spent and wasted tax dollars like drunken sailors on shore leave?

I am not liking what I am seeing from Christie here. Just when I think he’s got guts, he caves and panders and runs from the scumbag Democrat “mainstream” newsrooms just like a “moderate”.


Florida has had a GOP dominated Governor’s mansion and a GOP dominated State House and Senate for over a decade....and its 3 to 4 billion in the red. Includes Jeb Bush as Governor and Marco Rubio while as Florida Speaker of the House for some of those years.

Florida was really racked by the housing bubble. Fees on many things have been jacked up...and the universities have had major cutbacks.

Chris Christie is quite correct


10 posted on 12/19/2010 9:54:16 PM PST by UCFRoadWarrior (Whenever something is "Global"...it means its bad for America)
[ Post Reply | Private Reply | To 8 | View Replies]

To: Libloather

The article mentions that 1,000,000 government jobs may face the axe. This is exactly what we need. This will not extend or worsen the recession, it will help the country to work its way out of the recession faster. There are now 15,000,000 people unemployed. There are millions of small businesses which have been placed on the trash heep up to this point. When small businesses close, they don’t count you as unemployed. No, you were considered greedy and deserving of obliteration. Well actually it is greedy and unproductive government workers who are derserving of obliteration. Let’s get the process started. Later, when the economy responds, some of the more capable government workers may qualify for work in private business, albeit at market wage and benefit rates. Some former government workers may choose to set up a business. Not many will be successful, however, because running your own business requires a different mindset which includes hard work, serving your customers, and the profit motive. Let’s get this show started.


11 posted on 12/19/2010 10:14:48 PM PST by Sam Clements
[ Post Reply | Private Reply | To 1 | View Replies]

To: UCFRoadWarrior
"and its 3 to 4 billion in the red. Includes Jeb Bush as Governor and Marco Rubio while as Florida Speaker of the House for some of those years"

Wasn't Florida handcuffed by some ammendments that got passed? I seem to remember one that had to do with education, where Gov. Bush said something like "if we actually have to implement this, we'll go broke before we start."
12 posted on 12/19/2010 10:18:14 PM PST by laxcoach (Government is greedy. Taxpayers who want their own money are not greedy.)
[ Post Reply | Private Reply | To 10 | View Replies]

To: Libloather

A good reason for Floriduh to spend Billions on a train to nowhere.


13 posted on 12/19/2010 10:57:29 PM PST by screaminsunshine (Americanism vs Communism)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Sam Clements

The less government the better.


14 posted on 12/19/2010 10:58:50 PM PST by screaminsunshine (Americanism vs Communism)
[ Post Reply | Private Reply | To 11 | View Replies]

To: Libloather
The big cities will burn once the banks refuse to honor welfare checks.

And, it's inevitable at some point in the near future. I honestly believe most blue state politicians are too stupid to understand that money does not grow on trees and will be stunned when their card is refused after their sumptuous dinner.

15 posted on 12/19/2010 11:34:57 PM PST by Mariner (USS Tarawa, VQ3, USS Benjamin Stoddert, NAVCAMS WestPac, 7th Fleet, Navcommsta Puget Sound)
[ Post Reply | Private Reply | To 1 | View Replies]

To: UCFRoadWarrior

A few exceptions here and there don’t make Christie “quite correct”. Obviously, every state has felt the pinch, some more than others. Look at the worst cases from California to New Jersey and Michigan and its mainly rat-controlled states. And the most rat state of them all, California, is the worst.

No, the two parties are not equally to blame.
Christie is quite wrong.


16 posted on 12/20/2010 12:14:37 AM PST by Lancey Howard
[ Post Reply | Private Reply | To 10 | View Replies]

To: Libloather

cost a million public employees their jobs...

No great loss there. I think it’s safe to say if 1/2 of the state federal and locqal government jobs went away, we’d be in much better shape.


17 posted on 12/20/2010 2:41:18 AM PST by maddog55 (OBAMA, You can't fix stupid...)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Lancey Howard
No, the two parties are not equally to blame. Christie is quite wrong.

So would you please explain 2006 and 2008 and why the conservatives did not play in those elections? Both are responsible, although one party more than the other but the reality is that under the control of the Republicans, the Senate, House and White House brought us rediculous amounts of spending because the treasury was bringing it in. Neither had the will and the respect of other people's money to manage it wisely.

The only us and them is this reality show is the Ruling Class against the producers of this country and as long as you and others like you blindly accept the blue vs. red scenario it will only get worse. Think back a bit, who is it that brought us to the blue vs. red thing in the first place, THE MEDIA!

18 posted on 12/20/2010 3:18:50 AM PST by mazda77 (Mike Hogan - JAX Mayor)
[ Post Reply | Private Reply | To 16 | View Replies]

To: Libloather

“cost a million public employees their jobs”?
Sounds like a good start.
Worthless Blood sucking leaches sitting around watching the retirement clock doing NOTHING worth a damn.


19 posted on 12/20/2010 3:45:42 AM PST by Joe Boucher
[ Post Reply | Private Reply | To 1 | View Replies]

To: Lancey Howard

“...Thank God we have a GOP House....”

Don’t get too excited, these new members have not had the chance to “turn coat” and learn the favorite tactics of the lifers in the party such as compromise and “go along to get along” tactics yet. You know, just like the darling senator from Mass did (Scott Brown).

Next year will be the “proof in the pudding” and we will see if the fear of the voters is truly the guiding factor in future politics. Until, then I expect no change in our political representatives.


20 posted on 12/20/2010 5:03:14 AM PST by DH (Once the tainted finger of government touches anything, it begins to rot.)
[ Post Reply | Private Reply | To 5 | View Replies]

To: laxcoach

Yeah, the FL Supreme Court is 5-2 radical lib. They regularly kneecap the legislature and citizen initiatives.

They shot down charter schools and in 2010 pulled a constitutional amendment from the ballot regarding Floridians right to buy or not buy health insurance. They are responsible the 2000 Bush/Gore mess. There are more outrages that do not immediately come to mind.

As for the new legislature with a new governor, Rick Scott I am confident of major improvements.


21 posted on 12/20/2010 8:15:02 AM PST by Jacquerie (More Central Planning is not the solution to the failures of Central Planning.)
[ Post Reply | Private Reply | To 12 | View Replies]

To: Libloather
Yeah the $hit is about to hit the fan. We the People got screwed by both the Republicans and Democrats. They are both bad IMHO. The only way I can see getting out of this mess is that the federal government is going to have to do freeze all hiring and pay increases (including politicians and their staffs/not the B.S. way it's set up now). Then a 20% straight across the board federal cut, scrap the tax code, replace it with the fair tax, and that is just the start. If we do not do this, then prepare for chaos, stock up, lock and load.
22 posted on 12/20/2010 2:28:26 PM PST by Sprite518
[ Post Reply | Private Reply | To 1 | View Replies]

To: Libloather

IMHO...Zero is slated to be the last American President...or the greatest.

If, true Federal Economic reform is achieved Constitutionally, he will be on Mt. Rushmore....


23 posted on 12/20/2010 2:30:51 PM PST by mo
[ Post Reply | Private Reply | To 1 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson