Skip to comments.State Budgets: The Day of Reckoning (BREAKING NEWS to many - on SeeBS)
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.
And that's why Big Media sucks.
“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.
They had to take this story down to report the Japanese attack on pearl Harbor.
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.”
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.
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.
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
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”.
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.
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 lets get real - - could anybody else say with a straight face that it hasnt 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 hes 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
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.
A good reason for Floriduh to spend Billions on a train to nowhere.
The less government the better.
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.
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.
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.
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!
“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.
“...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.