Posted on 09/25/2018 6:37:44 AM PDT by SleeperCatcher
Democratic ‘Leadership’: States and cities around the country are facing $1.5 trillion in debt, though Democrat-run blue states and cities are by far the worst off, according to a new report.
Truth in Accounting, a Chicago-based group that studies the financial condition of states and produces an annual “Financial State of the States” report, looks at long-term obligations such as pension benefits and health coverage for retirees.
Then, the organization compares obligations with projected state revenues.
This year the organization found that 40 states did not have enough income to meet present and future financial obligations.
(Excerpt) Read more at thenationalsentinel.com ...
We do have a nation wide time bomb, and the blue States could be the first dominos to fall.
I am not sure if President Trump can stop this (see link below)? It may be a bridge too far for any President.
During the 2008 crash we were at 7 Trillion and today we are over 21 Trillion.
Add another $800 Billion to the already bloated national debt, for federal fiscal year ending in September.
The interest on national debt is approaching $400 Billion every year, and if inflation/interest rates jump up any higher, the interest payments to service the debt will jump up as well.
This is not going to end well. It reminds me of a relative of mine who had 10+ credit cards, and she borrowed to the limit on all of them, making only minimum payments as the debt piled on. She was living very well until finally when she had to file bankruptcy and had to give up her house.
Just at the time these state bombs go off, the dems will be back in power and they can count on good ol’ Uncle ‘Deep Pockets’ Sam to bail them out. These liberal pension plans and hand outs are what keep people pulling the D lever on election days.
Duh!
Of course! Liberals want everything, and they are willing to make anyone and everyone pay for it if they don’t have the money in the budget, including themselves and their children in the future paying for it.
I am stocking up on canned food and ammo LOL..I hope it will not be needed before I kick the bucket. I am already late 70’s.
In 2008 this nation created the ultimate moral hazard.
By bailing out the banks, we sent a signal to every other entity that was up to its eyeballs in debt that if you came to Congress with a sufficiently butt-puckering doomsday scenario you WILL get bailed out.
That’s what I expect will happen here.
The interesting thing is...who gets the interest payments? How will such entities get the US into bankruptsy...who collects? I never get a good answer for that.
Is the plan that if enough states go bankrupt the Federal Government will have to take control and state governments no longer be needed?
Blue states are worse off. Imagine that.
Would’ve want the kids fighting over who gets the 5.56 and 7.62 when they read your will.
If Kate Brown loses in OR, they’ll have a hapless pubbie to blame for all the fiscal ills of the last 40 years.
Spending other people’s money.
This article does not, so far as I can tell, include the pension liabilities of local governments (city, county, fire districts, etc.) I saw a list for IL a while back and it was just mind-numbing.
NO BAILOUTS.
We need to pass a law requiring that there be no federal bailouts for states which fail to meet their payments. They got themselves into this mess, they can suffer the consequences. It is vital that the profligate spenders not be allowed to steal money from people in states that were much more reasonable in their pension promises for public sector workers.
This article confused me regarding Alaska...Can anyone clarify?
Note it says:
Alaska is best off, with a long-term surplus of $56,500 per taxpayer. It currently has an independent governor but had Republicans from 2003 through 2014, and the GOP controlled both houses of the legislature for all but seven years since 1995.
SNIP
Then it says:
In December, The Daily Signal reported that collectively states have a $6 trillion pension obligation, according to data from the American Legislative Exchange Council.
“That’s a whopping $18,676 for every man, woman, and child, or nearly $50,000 for every household in America,” the site reported.
The worst offenders? Illinois, Ohio, Connecticut, and Alaska.
???
Blog Pimping, by the guy who never replies to comments, nor posts anywhere else on the forum. Don’t give him the montized hits.
I've done the same thing (plus some gold) - and I'll hit 85 next month.
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