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Keyword: taxandspend

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  • CBO: Feds Taxing More, Spending More, Running Bigger Deficit in 2015

    04/14/2015 12:04:58 AM PDT · by Olog-hai · 2 replies
    Cybercast News Service ^ | April 13, 2015 - 1:21 PM | Terence P. Jeffrey
    The federal government taxed away more money, spent more money and ran a bigger deficit in the first half of fiscal 2015 than it did in the first half of fiscal 2014, according to the Congressional Budget Office. “The federal government ran a budget deficit of $430 billion for the first half of fiscal year 2015, CBO estimates—$17 billion more than the shortfall recorded in the same span last year,” the CBO said in its Monthly Budget Review for March 2015, which was published April 8. “Both revenues and outlays were about 7 percent higher than the amounts recorded in...
  • Remember When Taxes Used to Cause Revolutions?

    02/11/2015 3:37:01 PM PST · by Kaslin · 8 replies
    Townhall.com ^ | February 11, 2015 | Michael Schaus
    With a few strategic policy proposals, King George encouraged Americans to sign a document that later became known as the “Declaration of Independence”… Indirectly, of course. In the year of 1765, the King of England managed to do the Obama equivalent of signing Obamacare. With a stunning amount of short-sighted arrogance, the Kingly gentleman from England thrust America into a frenzy of anti-English sentiment. (Racist colonists!) On November 1st, in the year 1765, Britain implemented the Stamp Act. Defending the American colonies during the French and Indian War, as well as the Pontiac’s Rebellion (no-one liked Pontiac then either, apparently),...
  • Obama’s Big Fat Greek Budget

    02/08/2015 11:41:15 AM PST · by Sean_Anthony · 5 replies
    Canada Free Press ^ | 02/08/15 | Daniel Greenfield
    Debt is about more than just money. It's about the end of expectations and the death of hope In a speech at the Department of Homeland Security, Obama declared that he wants to “replace mindless austerity with smart investments that strengthen America”. Those “smart” investments scattered across a gargantuan $4 trillion budget include a $500 million Green Climate Fund for the Third World and $105 million to help the government build better websites. Obama is fond of putting the word “smart” in front of stupid ideas to make them seem less stupid. The $4 trillion budget is actually as stupid...
  • The Wisdom of Bastiat, as Revealed by Great Moments in Federal, State, and Local Government

    01/31/2015 11:10:54 AM PST · by Kaslin · 2 replies
    Townhall.com ^ | January 31, 2015 | Daniel J. Mitchell
    >I’ve periodically cited the great 19th-century French economist, Frederic Bastiat, forhis very wise words about the importance of looking at both the seen and the unseen when analyzing public policy.Those that fail to consider secondary or indirect effects of government, such as Paul Krugman, are guilty of the “broken window” fallacy.There are several examples we can cite.A sloppy person, for instance, will think a higher minimum wage is good because workers will have more income. But a thoughtful analyst will think of the unintended consequence of lost jobs for low-skilled workers.An unthinking person will conclude that government spending is good...
  • Obama to seek billions in higher taxes on wealthy, banks

    01/18/2015 6:24:33 AM PST · by HomerBohn · 33 replies
    MSN ^ | 1/18/2015 | Staff
    President Obama plans to propose raising $320 billion over the next 10 years in new taxes targeting wealthy individuals and big financial institutions to pay for new programs designed to help lower- and middle-income families, senior administration officials said Saturday. In his State of the Union address Tuesday night, Obama will propose raising the capital gains and dividend tax rates to 28 percent for high earners; imposing a fee on the liabilities of about 100 big financial institutions; and greatly broadening the amount of inherited money subject to taxes. Obama will also seek to boost private retirement savings by requiring...
  • The 14 States That Cut Taxes in 2014

    01/06/2015 2:03:37 PM PST · by ThethoughtsofGreg · 11 replies
    American Legislator ^ | 1-51-14 | Will Freeland
    As 2014 draws to a close and the final few state legislatures still in session prepare to finally adjourn for the year, the ALEC Center for State Fiscal Reform has again published State Tax Cut Roundup, which details the states that cut taxes in the 2014 legislative session. During the 2014 legislative session, 14 states passed significant tax cuts into law. These cuts vary in what tax they reduced and their size but they share one crucial similarity: they put more money into the pockets of taxpayers in their respective states. Those 14 states are detailed in the map below:...
  • NYT Credits Big Government Spending for American Prosperity

    01/03/2015 8:18:51 AM PST · by Kaslin · 16 replies
    Townhall.com ^ | January 3, 2015 | Michael Schaus
    The folks over at the New York Times are keeping up their tradition of shilling for big government spending. In a recent column, the Times suggests that a recent uptick in government spending is creating prosperity, and boosting the economy. According to the Times: For a long stretch, government spending cutbacks at all levels were a substantial drag on economic growth. Now, finally, relief is in sight. For the first time since 2011, local, state and federal governments are providing a small but significant increase to prosperity.Yeah… Government is taking your money, spending it on redistributive welfare programs and special interest...
  • Which country has 2nd largest social welfare system in the world?

    12/07/2014 2:24:35 PM PST · by ConservativeMind · 8 replies
    The Register - UK ^ | December 7, 2014 | Tim Worstall
    Worstall @ the Weekend The general impression we've all got is that the US is a place where the poor are simply left to starve in the gutter, unlike in soft and cuddly Europe, where we do our best to help our fellow man. That the political mantras shouted at us to keep us coughing up to pay for these welfare states might not be wholly and entirely true should not come as all that much of a surprise. So here's your cut-out-and-keep guide to what really goes on in the American welfare state. The first and most obvious thing...
  • USDA Christmas Tree Tax Takes Effect

    11/15/2014 5:42:24 PM PST · by PROCON · 87 replies
    breitbart ^ | Nov. 15, 2014 | Rich Tucker
    This year, your real Christmas tree will be more expensive than it needs to be. That’s because the Department of Agriculture is imposing a fee on each fresh-cut tree sold. A few months ago, the federal government created a national marketing program to advertise the virtues of real Christmas trees. It’s funded by a 15-cent surcharge that will be added to the cost of each tree sold. It’s not a tax, Washington insists -- merely a fee that you have to pay. “The Christmas tree industry requested this initiative to fund Christmas tree research and marketing, the program will be...
  • Maine's largest city cuts spending in dispute over immigrant aid

    11/13/2014 5:42:53 PM PST · by 11th_VA · 38 replies
    Yahoo News ^ | 14 Nov 2014 | Reuters By Dave Sherwood
    PORTLAND Maine (Reuters) - Maine's largest city has begun clamping down on spending as newly re-elected Republican Governor Paul LePage makes good on a campaign promise to cut funding to cities and towns that give aid to undocumented immigrants. In an internal memo released on Wednesday, Portland city officials said they had frozen hiring and cut travel and overtime spending after their requests for reimbursement from the state for assistance provided to families with children in emergencies had gone unanswered since July. The budget shortfall could grow to as much as $3 million this year, city officials said, a hefty...
  • The Incurable Disease -- Government Spending

    11/02/2014 9:03:10 PM PST · by Abakumov · 7 replies
    Radix News ^ | November 3, 2014 | Ben Carson
    I have had a fulfilling career as a pediatric neurosurgeon, which unfortunately included numerous instances where worst-case scenarios played out in the operating room. Good surgeons plan ahead for these possible events so that bad outcomes are minimized. But of course, few treatment plans will succeed if the doctor continually fails to make a proper diagnosis before surgery begins. When I look at our nation’s massive federal debt, it is clear that Washington has chronically misdiagnosed the situation, which has resulted in a seemingly never-ending cycle of borrowing and spending. Much like a life-threatening disease, if the underlying cause is...
  • BILL CLINTON SUPPORTS TOM WOLF’S TAXING AGENDA (PA Governors Race)

    10/27/2014 6:30:22 PM PDT · by smoothsailing · 17 replies
    Watchdog Wire - Pennsylvania ^ | 10-27-2014 | Jana Benscoter
    October 27, 2014BILL CLINTON SUPPORTS TOM WOLF’S TAXING AGENDA By Jana BenscoterSound bites echoed throughout Pittsburgh on Monday as the notorious former Democratic President Bill Clinton stumped for his party’s Pennsylvania gubernatorial candidate Tom Wolf. Clinton used the same message he has used in other states for other candidates, personalizing his speech to Wolf, and keeping in step with his folksy brand.The well-known Clinton was used to try to influence voters into believing “trickle-down government” isn’t working—the use of tax breaks and other economic benefits to stimulate the economy—and that Democrats have the answers to creating, growing and sustaining middle-class...
  • Warren Buffett: Tax Inversions Are Bad – Unless I Do Them

    10/03/2014 12:39:26 PM PDT · by Kaslin · 10 replies
    Townhall.com ^ | October 3, 2014 | Michael Schaus
    Warren Buffett is trying to salvage his liberal credentials in the wake of his latest tax avoidance scheme. The Oracle of Omaha became BFF’s with Obama & Company during the President’s reelection campaign when he expressed support for Obama’s tax-and-spend agenda. In an effort to be among the 1 percenters who supported taxing the 1 percenters, Buffett touted the virtues of forking more money over to the Internal Revenue Service…And then the Burger King/ Tim Hortons deal happened. In the wake of news about companies using “tax inversion” deals to escape the highest corporate tax rate in the world (ours),...
  • City pledges to provide health care for unaccompanied immigrant children

    09/02/2014 5:41:45 PM PDT · by moonshinner_09 · 5 replies
    San Francisco Examiner ^ | September 2, 2014 | CHRIS ROBERTS
    San Francisco is providing health care as well as education for the unaccompanied immigrant children seeking refuge in the United States. Since last year, more than 47,000 minors have crossed the border into the country unescorted by adults. As many as 500 youth refugees from conflicts in Central America are expected to arrive in San Francisco by the end of the year, the Department of Public Health estimates. And The City is solidly committed to providing them health care via San Francisco's public options, according to a resolution The City's Health Commission is expected to pass today. Under the Healthcare...
  • Philadelphia Earns Millions By Seizing Cash And Homes From People Never Charged With A Crime

    08/26/2014 10:41:36 AM PDT · by george76 · 57 replies
    Forbes ^ | 8/26/2014 | Nick Sibilla
    Chris Sourovelis has never had any trouble with the law or been accused of any crime. But that hasn’t stopped the City of Philadelphia from trying to take his home. The Sourouvelis family, along with thousands of others in Philadelphia, is living a Kafkaesque nightmare: Their property is considered guilty; they must prove their innocence and the very prosecutors they’re fighting can profit from their misery. Now the Institute for Justice has filed a major class-action lawsuit to end these abuses of power. Back in March, Chris’s son was caught selling $40 worth of drugs outside of the home. With...
  • Liberal Austin homeowners surprised to find they have to pay all the taxes they voted for

    06/02/2014 7:18:13 PM PDT · by SeekAndFind · 100 replies
    Hotair ^ | 06/02/2014 | Erika Johnsen
    NIMBY, literally. “I’m at the breaking point,” said Gretchen Gardner, an Austin artist who bought a 1930s bungalow in the Bouldin neighborhood just south of downtown in 1991 and has watched her property tax bill soar to $8,500 this year.“It’s not because I don’t like paying taxes,” said Gardner, who attended both meetings. “I have voted for every park, every library, all the school improvements, for light rail, for anything that will make this city better. But now I can’t afford to live here anymore. I’ll protest my appraisal notice, but that’s not enough. Someone needs to step in...
  • The Coming Obamacare Shock for 170 Million Americans

    04/04/2014 1:42:41 AM PDT · by kingattax · 24 replies
    Yahoo/The Fiscal Times ^ | April 3, 2014 | Edward Morrissey
    Barack Obama declared victory this week as the deadline to avoid the penalty for the individual mandate to carry health insurance passed on Monday. “The Affordable Care Act is here to stay,” the President insisted as he announced that 7.1 million people had enrolled in private insurance through Obamacare. “The debate over repealing this law is over.” Consider that presidential wish casting in a midterm cycle in which Democrats will have to constantly defend their support for the unpopular law. As Jimmy Fallon pointed out later the same evening, the numbers were neither impressive nor reliable. “It’s amazing what you...
  • Governor: Colorado pot market exceeds tax hopes

    02/22/2014 5:11:33 AM PST · by Wolfie · 56 replies
    Associated Press ^ | 02/19/2014
    Governor: Colorado pot market exceeds tax hopes Denver -- Colorado’s legal marijuana market is far exceeding tax expectations, according to a budget proposal released Wednesday by Gov. John Hickenlooper that gives the first official estimate of how much the state expects to make from pot taxes. The proposal outlines plans to spend some $99 million next fiscal year on substance-abuse prevention, youth marijuana-use prevention and other priorities. The money would come from a state 12.9 percent sales tax on recreational pot. Colorado’s total pot sales next fiscal year were estimated to be about $610 million. Retail sales began Jan. 1...
  • Governor: Colorado pot market exceeds tax hopes

    02/20/2014 1:30:51 PM PST · by Olog-hai · 32 replies
    Associated Press ^ | Feb. 19, 2014 5:50 PM EST | Kristen Wyatt
    Colorado’s legal marijuana market is far exceeding tax expectations, according to a budget proposal released Wednesday by Gov. John Hickenlooper that gives the first official estimate of how much the state expects to make from pot taxes. The proposal outlines plans to spend some $99 million next fiscal year on substance abuse prevention, youth marijuana use prevention and other priorities. The money would come from a statewide 12.9 percent sales tax on recreational pot. Colorado’s total pot sales next fiscal year were estimated to be about $610 million. Retail sales began Jan. 1 in Colorado. Sales have been strong, though...
  • 5 Reasons Marijuana Should Remain Illegal

    01/21/2014 4:29:12 AM PST · by Kaslin · 172 replies
    Townhall.com ^ | January 21, 2014 | John Hawkins
    How did we end up in a world where Big Gulps are being banned in New York while the welcome mat for potheads is being rolled out in Colorado? How is it that cigarette smokers are pariahs, while people smoking weed are being cheered? This is despite the fact that potheads are almost universally recognized as unmotivated, low class, degenerate – and, yes, smelly failures. Even the ones that get somewhere in life, like Barack Obama, usually turn out to be mediocrities. Moreover, we all recognize that smoking is a dirty habit that makes you die younger and while drinking...
  • Senate approves $1.1 trillion spending bill

    01/16/2014 3:47:32 PM PST · by SkyPilot · 36 replies
    Washington Post ^ | 16 Jan 14 | Lori Montgomery
    <p>Congress gave final approval Thursday to a $1.1 trillion spending bill that eases the sharp budget cuts known at the sequester and guarantees that the nation will not endure another government shutdown until at least Oct. 1.</p> <p>After three years of politically bruising and economically damaging battles over the budget, the bipartisan agreement to fund federal agencies through the rest of the fiscal year passed with little fanfare.</p>
  • Taxpayers doling out too much dough to control deer, critics charge.

    01/19/2014 7:46:14 AM PST · by ImJustAnotherOkie · 49 replies
    FoxNews.com ^ | January 18, 2014 | By Joshua Rhett Miller
    From New York to California, local governments are spending taxpayer dollars to sterilize female deer, but critics say the approach is a misguided, ineffective and “incredibly expensive” approach to thinning out the herds that has become a suburban scourge. While some communities have used lethal means to curb the exploding population of deer, which roam backyards, destroy gardens and wander into traffic, others have taken what they see as a more humane approach — tranquilizing female deer and removing their ovaries. Average costs are about $1,200 per deer, according to a 2011 report by the New York State Department of...
  • The next Detroit? Atlantic City and Las Vegas facing catastrophic collapse

    12/22/2013 4:40:30 PM PST · by RKBA Democrat · 80 replies
    MyFox NY ^ | 12-22-13 | Israel Joffe
    With the closure of the recent Atlantic Club Casino Hotel, rumors of the bankrupt Revel being sold to Hard Rock, Las Vegas real estate prices remaining depressed, casinos opening up all around the country and online gambling legislation underway in various states, it seems as if the reasons for the very existence of Atlantic City and Las Vegas are in serious jeopardy. Beginning in the late 1940s, Las Vegas became known as the 'adult playground of the world.' Celebrities knew they made the big time when their names graced the billboards of ‘Sin City.’ Gamblers hoping to make money would...
  • The Hidden Obamacare Taxes That Will Crush The Middle Class(news 4 those who chose not to read bill)

    11/14/2013 11:06:18 AM PST · by bestintxas · 31 replies
    moneymorning ^ | 11/14/13
    Get ready to be blindsided by a barrage of new taxes. $1 trillion worth... They'll be coming courtesy of the Affordable Care Act, otherwise known as Obamacare. And they won't just be affecting those who make over $250,000. The bulk of these taxes will be passed on directly to the middle class. That's because while a majority of these "stealth taxes" were designed to be taxes on businesses, they're actually transferred directly to ordinary citizens. They include the investment income surtax, a Medicare payroll tax, even a "tanning tax" on those who utilize indoor tanning services. "Many of those [hidden]...
  • Cincinnati Must Face the Crisis that Sealed Detroit’s Fate

    11/02/2013 4:16:53 AM PDT · by Kaslin · 86 replies
    Townhall.com ^ | November 2, 2013 | Ken Blackwell
    Editor's Note: This column was co-authored by Prof. Richard Vedder, the Distinguished Professor of Economics Emeritus at Ohio University. Cincinnati and Detroit are separated by barely more than 250 miles – a five-hour drive at worst, or under an hour by plane. Despite this proximity, many Cincinnatians would prefer to believe that Detroit’s horrendous fiscal situation couldn’t possibly hit their city. Not so fast. As the largest bankrupt city in America, Detroit has seen its population drop by more than half, unemployment soar to well over double the national average, and services decline. This is what happens to a locality...
  • Signs of the time: Political squabbling erupts over campaign 'Stop' signs

    10/29/2013 6:29:21 AM PDT · by Puppage · 9 replies
    Fairfield Citizen ^ | October 28, 2013
    The chairman of the Democratic Town Committee has asked police to put a halt to Republican campaign signs shaped like stop signs posted along local streets. Ellery Plotkin filed a complaint with the Police Department Monday morning about the octagonal GOP signs that urge voters to "STOP Raising Taxes Vote Republican." Police Sgt. Suzanne Lussier, the department spokeswoman, said six of the GOP signs were removed by officers after their placement was deemed to violate state rules or created a traffic hazard. "From here on out, it will be referred to the (Republican Town Committee) or the (Democratic Town Committee)...
  • A black box in your car? Some see a source of tax revenue

    10/27/2013 5:45:21 AM PDT · by Oldeconomybuyer · 105 replies
    Los Angeles Times ^ | October 26, 2013 | By Evan Halper
    WASHINGTON — As America's road planners struggle to find the cash to mend a crumbling highway system, many are beginning to see a solution in a little black box that fits neatly by the dashboard of your car. The devices, which track every mile a motorist drives and transmit that information to bureaucrats, are at the center of a controversial attempt in Washington and state planning offices to overhaul the outdated system for funding America's major roads.
  • 15 Years Later, Where Did All The Cigarette Money Go?

    10/14/2013 10:32:10 AM PDT · by nickcarraway · 48 replies
    NPR ^ | October 13, 2013
    Fifteen years after tobacco companies agreed to pay billions of dollars in fines in what is still the largest civil litigation settlement in U.S. history, it's unclear how state governments are using much of that money. So far tobacco companies have paid more than $100 billion to state governments as part of the 25-year, $246 billion settlement. Among many state governments receiving money, Orange County, Calif., is an outlier. Voters mandated that 80 percent of money from tobacco companies be spent on smoking-related programs, like a cessation class taught in the basement of Anaheim Regional Medical Center. "So go ahead...
  • GOP: Democrats' request for higher spending hurting deal chances

    10/14/2013 6:33:02 AM PDT · by Hoodat · 19 replies
    Bradenton Herald (from McClatchy) ^ | Oct 13, 2013 | Anita Kumar and William Douglas
    WASHINGTON — Several Republican senators said Sunday a Democratic request to increase government spending is hurting chances of a deal to end the 13-day-old shutdown. Leaders of the Democratic-led Senate were dismissive of a proposal Saturday, in part, because it kept in place for too long the automatic spending cuts that went into effect earlier this year. Another round of those decade-long cuts -- dubbed the sequester and approved by Congress and the White House in 2011 -- is expected in January. The Republican complaints came as Senate Majority Leader Harry Reid, D-Nev., and Minority Leader Mitch McConnell, R-Ky., spoke...
  • By the way, the DNC is broke

    10/01/2013 9:56:59 AM PDT · by SeekAndFind · 30 replies
    Hotair ^ | 10/01/2013 | Guy Benson
    This story is just perfect — particularly in light of the party’s endemic debt denialism, and the personal financial straits of its chairwoman: There’s another budget crisis in Washington, and it’s unfolding inside the Democratic party. The Democratic National Committee remains so deeply in the hole from spending in the last election that it is struggling to pay its own vendors.It is a highly unusual state of affairs for a national party — especially one that can deploy the President as its fundraiser-in-chief – and it speaks to the quiet but serious organizational problems the party has yet to address...
  • Obama on Obamacare: “We did raise taxes on some things.” (Duck You Suckers)

    09/25/2013 12:14:57 PM PDT · by yoe · 22 replies
    Americans for Tax Reform ^ | September, 25, 2013 | John Kartch
    During his Tuesday remarks at the Clinton Global Initiative, President Obama admitted that his health care law raises taxes: “So what we did — it’s paid for by a combination of things. We did raise taxes on some things.” “Some things” is an understatement. Below is just a partial list of Obamacare’s new or higher taxes on Americans: Starting in tax year 2013: Obamacare Medical Device Tax: Medical device manufacturers employ 409,000 people in 12,000 plants across the country. Obamacare imposes a new 2.3 percent excise tax on gross sales – even if the company does not earn a profit...
  • Obama calls Boehner, says he won't negotiate on debt limit

    09/20/2013 5:45:03 PM PDT · by jimbo123 · 65 replies
    CNBC ^ | 9/20/13 | CNBC
    President Obama called House Speaker John Boehner Friday night, saying that he won't negotiate on the debt limit.
  • L.A. Mayor Declares State of ‘Emergency’ As Movie, TV Production Flees Hollywood

    08/26/2013 6:26:34 PM PDT · by Nachum · 57 replies
    Variety ^ | 8/26/13 | Ted Johnson
    Los Angeles’ new mayor has vowed to help stanch the flow of film and TV production jobs out of Hollywood, starting with the appointment of a film czar at City Hall. But to make a real difference, Eric Garcetti needs to convince skeptical state pols to combat the lure of rich tax incentives from outside California. Two days after this year’s Oscars, Hollywood’s councilman Eric Garcetti, then running for mayor of Los Angeles, staged a media event at Sunset Gower Studios. Only a smattering of reporters and photographers showed up, perhaps because the gathering was to address “runaway production,” a...
  • Only in California: State Taxes the Tax Break They Gave Years Ago

    08/22/2013 12:02:33 PM PDT · by Kaslin · 26 replies
    Townhall.com ^ | August 22, 2013 | Michael Schaus
    California handed out over $120 million in tax credits and incentives for specific small business startups over the past five years. And now, like a child on a playground, the state’s Franchise Tax Board is asking for all that money back. Over 2,000 small businesses are now being levied with hefty tax bills – some as high as $250,000 – for having taken advantage of a duly passed tax incentive program. State Senator Ted Lieu, D-Redondo Beach, said “[Businesses] relied on California law as it was written, that they would get a tax break if they invested in certain kinds...
  • Greta Van Susteren furious over Obama’s ‘staged’ golf photo

    08/13/2013 6:26:09 AM PDT · by theruleshavechanged · 68 replies
    Washington Examiner ^ | Tuesday, August 13 | Charlie Spiering
    “Why would the president do this for the cameras? It’s one thing to take a vacation but is this pose shoving it down the throats of the American people?” she asked. “Many are out of work. They can’t afford to spend the day working on their golf game in one of the most expensive places to vacation. Is this what leadership looks like?”
  • Report: Tobacco tax hikes don’t pay

    08/05/2013 8:48:34 AM PDT · by rktman · 14 replies
    The Daily Caller ^ | 8/4/2013 | Sarah Hurtubise
    Cigarette taxes turn a frowned-upon habit into a popular revenue source. But a recent study found that cigarette taxes often lead to other tax hikes later. The National Taxpayers Union found a 70 percent chance that the so-called sin taxes will not produce the expected revenue, as people buy fewer packs. The taxpayer advocate organization reported that from 2007 to 2011, 25 of 37 cigarette tax increases were joined by other new tax hikes within two years.
  • Newport Beach, CA pays lifeguards $200K per year (Can Munis Survive?)

    07/29/2013 11:36:26 AM PDT · by Titus-Maximus · 15 replies
    Inside Edition: Newport Beach Lifeguards Make $200,000 and Can Retire at Age 50 The popular TV show Inside Edition does an expose on lifeguard compensation in Newport Beach, California: (Video)
  • After Detroit, who's next? [Oakland, Philly..]

    07/23/2013 6:59:54 PM PDT · by kevcol · 22 replies
    Yahoo Finance (WSJ) ^ | July 22, 2013 | WSJ
    Take Oakland, which is Detroit's doppelganger on the West Coast. The run-down Bay Area city, which has the highest crime rate in California, recently laid off more than 100 police to fund retirement benefits and pension-obligation bonds. Murders and robberies shot up by nearly 25% last year. To avert steeper cuts, the city borrowed an additional $210 million to finance pensions. . . Philadelphia is spending about 20% of its budget on pensions to make up for years of short-changing the system.
  • GC of Detroit’s Pension Funds, Former Pension Fund Trustee, Indicted in Bribery Conspiracy

    07/22/2013 1:02:29 PM PDT · by Lorianne · 13 replies
    FBI ^ | 20 March 2013 | U.S. Attorney’s Office
    Ronald Zajac, of Northville, Michigan, the general counsel of Detroit’s two pension funds, and Paul Stewart, of Detroit, Michigan, a former trustee of Detroit’s Police and Fire Retirement System, were both charged today in a superseding indictment with participating in a bribery and kickback conspiracy involving over $200 million in investments before the two city of Detroit pension funds United States Attorney Barbara L. McQuade announced today. McQuade was joined in the announcement by FBI Special Agent in Charge Robert D. Foley, III. Zajac and Stewart were added as defendants in a superseding indictment that had already charged former city...
  • Detroit Mayor Bing: "More than 100 urban U.S. cities “are having the same problems we’re having"

    07/21/2013 4:06:21 PM PDT · by whitedog57 · 51 replies
    Confounded Interest ^ | 07/21/2013 | Anthony B. Sanders
    Ingham County Circuit Court Judge Rosemarie Aquilina ordered on Friday that Detroit’s bankruptcy be withdrawn. Aquilina said the 2012 Michigan law that allowed Gov. Rick Snyder to approve the city’s bankruptcy filing, the largest municipal bankruptcy filing ever in the United States, violates the Michigan Constitution. Specifically, Article IX Section 24, which holds that pension plans and retirement systems “shall not be diminished or impaired.” Aquilina said that she will ensure that President Barack Obama gets a copy of her order. “It’s also not honoring the president, who took [Detroit’s auto companies] out of bankruptcy.” bilde “I know he’s watching...
  • Ed Schultz: “Thanks to a lot of Republican policies, [Detroit] is now filing for bankruptcy”

    07/21/2013 1:01:35 PM PDT · by Justaham · 79 replies
    hotair.com ^ | 7/21/13 | Erika Johnsen
    We’ve got another one, ya’ll. I thought Melissa Harris-Perry’s utterly illogical talking point about Detroit serving as an example of what “Republicans would impose on us” was bad, but this… Do you think that maybe he actually believes what he’s saying, or that he’s just straight-up lying through his teeth because there is literally no good way to spin Detroit’s fiscal collapse as anything other than the inevitable conclusion of a total progressive utopia without peddling outright falsehoods? Because, according to Mr. Schultz — and stay with him here, because there’s a good chance you might not have realized this...
  • Detroit. Bankrupt (Because Democrats didn't have the guts to say "No" to their largest voting bloc)

    07/19/2013 7:44:27 AM PDT · by SeekAndFind · 49 replies
    Townhall ^ | 07/19/2013 | Rich Galen
    The City of Detroit filed for bankruptcy yesterday afternoon. It owes as much as $20 billion, and there is no conceivable way that debt will ever be paid. The city offered its debtors 10 cents on the dollar, but the debtors refused. A good deal of the blame -- rightly or wrongly -- will be placed at the feet of municipal workers -- sanitation, water, sewer, cops, firefighters and so on. The pressure of ever-rising wages for no additional work, leading to ever-rising pension costs, plus ever-increasing benefits and ever more closely defined work rules will likely be found at...
  • [NY Times Editorial] The Decline of North Carolina

    07/10/2013 5:42:47 AM PDT · by Zakeet · 54 replies
    New York Times ^ | July 9, 2013
    Every Monday since April, thousands of North Carolina residents have gathered at the State Capitol to protest the grotesque damage that a new Republican majority has been doing to a tradition of caring for the least fortunate. Nearly 700 people have been arrested in the “Moral Monday” demonstrations, as they are known. But the bad news keeps on coming from the Legislature, and pretty soon a single day of the week may not be enough to contain the outrage. In January, after the election of Pat McCrory as governor, Republicans took control of both the executive and legislative branches for...
  • The 5th Largest City in US is Effectively Bankrupt

    04/19/2013 9:55:16 AM PDT · by SeekAndFind · 52 replies
    Townhall ^ | 04/18/2013 | Mike Shedlock
    You know a city is in deep trouble when its mayor invites Wall Street but not the press and not private citizens to a closed meeting to discuss the future, including a sell-off of city assets. Philadelphia Mayor Michael Nutter, whose municipality has the lowest credit rating of the five most-populous U.S. cities, did just that. My translation: Philadelphia is bankrupt. However, that easily discernible fact will of course be denied until it officially happens. Please consider Philadelphia Holds Closed Meeting With Wall StreetPhiladelphia Mayor Michael Nutter, whose municipality has the lowest credit rating of the five most-populous U.S. cities,...
  • EU commission asks for €11 billion to plug budget gap

    03/28/2013 11:28:37 AM PDT · by Olog-hai · 1 replies
    EU Observer ^ | 03/28/2013 @ 09:29 | Benjamin Fox
    An extra €11.2 billion ($14.4 billion) is needed to cover unpaid bills from the EU budget, the European Commission said on Wednesday (March 27). Budget commissioner Janusz Lewandowski said he tabled the amending budget in a bid to plug gaps in the 2012 and 2013 spending plans. The request for cash “cannot come as a surprise,” he said, adding that earlier postponement of payments had created a “snowballing effect of unpaid claims transferred onto the following year.” …
  • Senate Dem budget includes nearly $1 trillion in new taxes

    03/12/2013 1:15:05 PM PDT · by SeekAndFind · 17 replies
    The Hill ^ | 03/12/2013 | Erik Wasson
    The first budget from Senate Democrats in four years includes nearly $1 trillion in new taxes but would not balance the budget. The blueprint unveiled by Senate Budget Committee Chairwoman Patty Murray (D-Wash.) on Tuesday to her Democratic colleagues would also turn off the next nine years of the sequester and replace those spending cuts with a 50-50 mix of tax increases and spending cuts. The budget would dedicate $100 billion to economic stimulus in the form of infrastructure spending and job training. Murray argues that her budget cuts $1.85 trillion from deficits over 10 years. But once the sequester...
  • Senate Democrat budget 'blueprint' includes $1T in new taxes

    03/12/2013 12:39:20 PM PDT · by pacificpundit · 18 replies
    The Hill ^ | 3/12/13 | Erik Wasson
    The first budget from Senate Democrats in four years includes nearly $1 trillion in new taxes but would not balance the budget. The blueprint unveiled by Senate Budget Committee Chairwoman Patty Murray (D-Wash.) on Tuesday to her Democratic colleagues would also turn off the next nine years of the sequester and replace those spending cuts with a 50-50 mix of tax increases and spending cuts. The budget would dedicate $100 billion to economic stimulus in the form of infrastructure spending and job training.
  • National Debt Has Risen $5 Trillion Since The Senate Last Passed A Budget in 2009

    03/12/2013 10:43:35 AM PDT · by lbryce · 7 replies
    Investors' Business Daily ^ | March 12, 2013 | Staff
  • Email tells feds to make sequester as painful as promised [Mainstream Media Ignores]

    03/05/2013 11:18:52 AM PST · by SoFloFreeper · 54 replies
    Washington Times ^ | 3/5/13 | Stephen Dinan
    The Obama administration denied an appeal for flexibility in lessening the sequester’s effects, with an email this week appearing to show officials in Washington that because they already had promised the cuts would be devastating, they now have to follow through on that. In the email sent Monday by Charles Brown, an official with the Animal and Plant Health Inspection Service office in Raleigh, N.C., Mr. Brown asked “if there was any latitude” in how to spread the sequester cuts across the region to lessen the impacts on fish inspections. He said he was discouraged by officials in Washington, who...
  • Rep. Jackson Lee warns against more spending cuts: 'We're at the bone almost'

    02/13/2013 9:49:18 AM PST · by BradtotheBone · 39 replies
    The Hill ^ | 02/13/13 11:16 AM ET | Pete Kasperowicz
    Rep. Sheila Jackson Lee (D-Texas) urged her colleagues to reach a compromise to prevent spending cuts through sequestration, arguing that government programs are already as lean as they can be. "We're at the bone almost, and sequester, that is across-the-board cuts, will literally destroy us and put us in a recession," she said on the House floor Wednesday. She called on Republicans to meet Democrats at the negotiating table and rejected the idea that President Obama delivered a partisan State of the Union address Tuesday night. "May I ask them to take some cotton out of their ears, because in...