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Keyword: statedebt

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  • San Bernardino Bankruptcy Case Could Affect Detroit Pensions

    08/25/2013 6:30:39 PM PDT · by NoLibZone · 5 replies
    breitbart.com ^ | August 25,2013 | William Bigelow
    Federal bankruptcy judge Meredith Jury is expected to rule Wednesday on the city of San Bernardino's eligibility for bankruptcy protection after it ceased payments to the California Public Employees' Retirement System (Calpers) last year. The outcome of San Bernadino's case could have a huge ripple effect on cities declaring bankruptcy, most notably Detroit.
  • Do You Live In A Death Spiral State?

    11/26/2012 6:19:48 PM PST · by Hojczyk · 65 replies
    Forbes ^ | November 25,2012 | William Baldwin,
    Don’t buy a house in a state where private sector workers are outnumbered by folks dependent on government. Thinking about buying a house? Or a municipal bond? Be careful where you put your capital. Don’t put it in a state at high risk of a fiscal tailspin. Eleven states make our list of danger spots for investors. They can look forward to a rising tax burden, deteriorating state finances and an exodus of employers. The list includes California, New York, Illinois and Ohio, along with some smaller states like New Mexico and Hawaii. Let’s say you are a software entrepreneur...
  • DeMint joins national effort to keep feds from bailing out state pension systems (Told ya!)

    09/30/2012 9:07:30 PM PDT · by NoLibZone · 22 replies
    Fox News ^ | Sept 30 2012
    Illinois Democratic Gov. Pat Quinn is getting hit with a nationwide backlash over his suggestion that the federal government bail out the state employees’ pension program. Critics have in the past several days pounced on the suggestion, made last year when Quinn, in announcing the state’s fiscal 2012 budget, said part of Illinois' long-term effort to reduce the estimate $167 billion in under-funded liabilities would be to seek “a federal guarantee of the debt.” Among those leading the charge is Republican Sen. Jim DeMint. The South Carolina senator has joined the Illinois Policy Institute’s national “No Pension Bailout” campaign --...
  • JUDGE OKS CONTENTIOUS PART OF ARIZONA IMMIGRATION LAW (POLICE ALLOWED TO ENFORCE IT)

    09/05/2012 4:56:17 PM PDT · by SeekAndFind · 30 replies
    AP ^ | 09/05/2012 | JACQUES BILLEAUD AND WALTER BERRY
    PHOENIX (AP) -- A federal judge ruled Wednesday that Arizona authorities can enforce the most contentious section of the state's immigration law, which critics have dubbed the "show me your papers" provision. The ruling by U.S. District Judge Susan Bolton clears the way for police to carry out the 2010 law's requirement that officers, while enforcing other laws, question the immigration status of those they suspect are in the country illegally. The requirement has been at the center of a two-year legal battle that culminated in a U.S. Supreme Court decision in June upholding the requirement. Opponents then asked Bolton...
  • Every Arizonan Owes More than $7,500 in State Debt

    08/30/2012 9:56:59 AM PDT · by inkling · 3 replies
    Goldwater Institute ^ | August 30, 2012 | Stephen Slivinski
    Every Arizona household's debt is getting bigger — but most people don't even know they owe. In Arizona, every man, woman and child owes state and local governments more than $7,500 for bills ranging from sports stadiums to parking garages. State and local per-person long-term debt grew from $4,568 per Arizonan in 2000 to $7,587 in 2009, an increase of 66 percent in less than a decade. Arizona's per-person debt load is almost $1,000 more than the national median of around $6,800 in per-person debt. The $7,587 owed by every Arizonan to pay off state and local debts is in...
  • Ten States That Cannot Pay Their Bills

    01/11/2012 8:04:38 AM PST · by blam · 62 replies
    24/7 Wallst.com ^ | 1-11-2012 | Michael B. Sauter, Charles B. Stockdale, Ashley C. Allen
    Ten States That Cannot Pay Their Bills Posted: January 11, 2012 at 6:59 amMichael B. Sauter, Charles B. Stockdale, Ashley C. Allen 10. New Hampshire > 2011 budget shortfall as a % of general fund: 27.2% > 2011 budget shortfall: $365 million > 2012 projected budget shortfall: 18.4% (8th largest) > GDP change (2006 – 2010): +7.5% (11th smallest increase) > Median home value change (2006 – 2010): -4% (12th largest decline) New Hampshire is often considered to have weathered the recession better than most states. It has one of the strongest economies in the country in many respects. Its...
  • Texas' Interest Payments On Government Debt: Third Lowest In America.

    08/12/2011 5:17:53 PM PDT · by hocndoc · 11 replies
    Willisms ^ | August 12, 2011 | Will Franklin
    Trivia Tidbit of the Day: Part 938 -- Texas Debt Among Lowest In Nation- From the Tax Foundation: "With so much recent discussion of the fiscal outlook of the federal government, it's worth looking at the solvency of state governments as well. Today's map shows how much interest on their debt the states pay as a percentage of their direct spending. Texas also has the second lowest state debt as a percentage of personal income. While it is true that voters in Texas have approved far more bond debt, mostly for roads, in the past decade (voters, even conservative Texas...
  • Mapping America's Underfunded State Pension And Healthcare Liability Debacle

    07/26/2011 10:27:09 AM PDT · by SeekAndFind · 5 replies
    Zero Hedge ^ | 07/26/2011 | Tyler Durden
    div class="content">The map below, which shows the gravity of America's pervasive pension and healthcare liability underfunding problem, should certainly raise a few eyebrows. Sourced from the IMF's Article IV presentation which in turn sources the data from the Pew Center, the map shows that even despite the near doubling in the S&P since the March 2009 lows, there are still at least 9 states that have a minimum 35% underfunding in their pension and liability obligations. As a result, we expect that just like in the case of Illinois recently, many more states will be forced to issue debt to...
  • Census Bureau Reports State Government Revenues Decline Nearly 31 Percent [$1.6 to $1.1 Trillion]

    01/05/2011 8:27:29 PM PST · by DeaconBenjamin · 7 replies
    Total state government revenue dropped to $1.1 trillion in 2009, a decline of 30.8 percent from $1.6 trillion in 2008, according to the latest findings from the U.S. Census Bureau. The large decrease in total revenue was mainly caused by the substantial decrease in social insurance trust revenue. Social insurance trust revenue is made up of four categories — public employee retirement, unemployment compensation, workers compensation and other insurance trusts (i.e., Social Security, Medicare, veteran's life insurance). More details on the social insurance trust revenue will be available from the 2009 Annual Survey of State Government Employee Retirement Systems data...
  • A remedy for beggar states

    12/27/2010 9:53:02 AM PST · by mojito · 30 replies · 1+ views
    WaPo ^ | 12/26/2010 | George Will
    The nation's menu of crises caused by governmental malpractice may soon include states coming to Congress as mendicants, seeking relief from the consequences of their choices. Congress should forestall this by passing a bill with a bland title but explosive potential. Principal author of the Public Employee Pension Transparency Act is Rep. Devin Nunes, a Republican from California, where about 80 cents of every government dollar goes for government employees' pay and benefits. His bill would define the scale of the problem of underfunded state and local government pensions and would notify states not to approach Congress like Oliver Twists,...
  • Rolling Blue State Bailout Ended in Tax Agreement

    12/07/2010 6:52:37 PM PST · by La Lydia · 6 replies
    Red State ^ | December 4, 2010 | Brian Darling
    One of the best things to come out of the White House and Capitol Hill tax deal is that the liberals are apoplectic that there is no extension of the so called ”Build America Bonds.” These bonds are a rolling-state-government bailout mechanism that subsidizes the interest rate of state-issued bonds. Essentially, these bonds put off the day of reckoning for the blue states that are in a terminal budget flat-spin. This is a rolling bailout and you, the taxpayer, are on the hook and pay part of the interest to keep afloat states that have made terrible budgeting decisions. This...
  • Mounting Debts by States Stoke Fears of Crisis

    12/06/2010 5:27:44 AM PST · by Clintonfatigued · 18 replies
    The New York Times ^ | December 4, 2010 | Michael Cooper & MARY Williams Walsh
    The State of Illinois is still paying off billions in bills that it got from schools and social service providers last year. Arizona recently stopped paying for certain organ transplants for people in its Medicaid program. States are releasing prisoners early, more to cut expenses than to reward good behavior. And in Newark, the city laid off 13 percent of its police officers last week. While next year could be even worse, there are bigger, longer-term risks, financial analysts say. Their fear is that even when the economy recovers, the shortfalls will not disappear, because many state and local governments...
  • Mounting State Debts Stoke Fears of a Looming Crisis

    12/04/2010 9:23:34 PM PST · by Nachum · 21 replies
    New York Times ^ | 12/4/10 | Michael Cooper and Mary Williams Walsh
    The State of Illinois is still paying off billions in bills that it got from schools and social service providers last year. Arizona recently stopped paying for certain organ transplants for people in its Medicaid program. States are releasing prisoners early, more to cut expenses than to reward good behavior. And in Newark, the city laid off 13 percent of its police officers last week. While next year could be even worse, there are bigger, longer-term risks, financial analysts say. Their fear is that even when the economy recovers, the shortfalls will not disappear
  • Here Are The 12 American States Where Investors Are Most Terrified Of Default

  • Why we need to let states go broke

    08/10/2010 3:01:55 AM PDT · by Scanian · 36 replies · 2+ views
    NY Post ^ | August 10, 2010 | DICK MORRIS & EILEEN MCGANN
    Federal Band-Aids won't cover the fiscal problems of such states as New York, California, Michigan and Connecticut forever. State bankruptcy and fundamental restructuring of state and local finance -- and labor relations -- is at hand. Take Connecticut. In the current fiscal year, $2 billion in federal subsidies have helped tide it over the recession -- a hefty share of its $15 billion budget. But these infusions are one-shot grants, renewed only if Congress acts affirmatively to do so. Other states depend on similar manifestations of federal largess. In Washington, the House is set to pass a $26 billion aid...
  • Industrial world underestimates state debt: BIS (raising retirement age?)

    04/07/2010 7:28:17 AM PDT · by TigerLikesRooster · 7 replies · 374+ views
    Industrial world underestimates state debt: BIS 6 Apr 2010, 2030 hrs IST,AGENCIES GENEVA: Industrialised economies face a worse public debt problem than reflected by official data because spending for ageing populations will raise debt further, research by the central bank body BIS shows. "Fiscal problems confronting industrialised economies are bigger than suggested by official debt figures that show the implications of the financial crisis and recession for fiscal balances," said the economists at the Bank for International Settlements, the bank for central banks. "As frightening as it is to consider public debt increasing to more than 100 percent of GDP...
  • CA: Budget proposal boosts state debt

    01/07/2005 9:42:17 AM PST · by NormsRevenge · 10 replies · 268+ views
    Mercury News ^ | 1/7/05 | Andrew LaMar
    SACRAMENTO - Gov. Arnold Schwarzenegger's budget plan for eliminating an $8 billion state deficit relies on substantial borrowing and fund-shifting that is already angering local school and transportation officials. The proposal, to be released Monday, calls for at least $2.5 billion in borrowing, diverting transportation funds to pay for other programs, and loading school districts with $1.1 billion in new pension costs, administration officials said. As details of the spending plan for the fiscal year starting July 1 began to trickle out Wednesday night and Thursday, they drew scrutiny from fiscal analysts. ``There's an old maxim: If you are faced...
  • Don't add school bonds to state debt (NO on Prop 55)

    02/16/2004 10:59:48 AM PST · by NormsRevenge · 13 replies · 197+ views
    OC Register ^ | 2/16/04 | Op/Ed
    <p>Any credit counselor will tell you that, if you have a debt problem, the first step is to stop digging the hole deeper. It's a lesson we hope voters apply to Proposition 55 in the March 2 election.</p> <p>Prop. 55 would float $12.3 billion in bonds to upgrade and build new classrooms for K-12 schools and community colleges, the California State University and the University of California. Of the total, $10 billion would go to K-12 schools, $2.3 billion to higher education.</p>