Skip to comments.Drowning In Debt: These States Are Approaching A Point Of No Return (FLEE!)
Posted on 08/02/2018 7:51:54 AM PDT by SeekAndFind
Having grown up in New Jersey, you understand that Democrats are a tax and spend party and even liberals in the state understand it. The Garden State is a case study in mass exodus; it’s just too expensive to live there anymore. Are there signs that the Democrats get it? Maybe—the heavily Democratic legislature in Trenton had to tell Governor Phil Murphy that his tax increase agenda was more or less not going to happen. Taxes still went up, but it was not the insane proposal the governor’s office had pushed. Still, I doubt Demorats in these states will find rational solution to their fiscal woes. After decades of irresponsibility, these states are approaching a day of reckoning. It's the usual blue state madness crew: New Jersey, New York, Illinois, and California. For some, pension payments are a struggle (via Fox Business):
Connecticut may be the richest state in the country, on a per capita basis, but it's racked up a sizable debt worth more than $53 billion – and it could be taxpayers who are forced to bail out the Constitution State, according to the former governor of Indiana.
“Someone’s going to the barbershop,” Mitch Daniels, a Republican, said during an interview with FOX Business’ Stuart Varney on Thursday. “The first will be the taxpayers, already beleaguered in some of these states.”
And Connecticut isn’t the only state struggling with a debt crisis: California, Illinois, New Jersey and New York are unable to make pension payments to retired government workers.
In Illinois, for instance, vendors wait months to be paid by a government that’s $30 billion in debt, and one whose bonds are just one notch above junk bond status, according to Daniels. New York’s more than $356 billion in debt; New Jersey more than $104 billion; and California more than $428 billion.
My suggestion: if you live in these states, run!
No, we want those people who voted for the pols who did this to stay put.
Jersey, the fart at the end of the Lincoln tunnel.
Another blessing for which to thank God: Hillary did not become President and launch bail-outs for all these bankrupt Democrat states, so the rest of us in solvent Republican states could get our taxes cut instead of having them raised for this forced “charity.”
My folks are in cape May
Different state down there
Love wildwood beach and cape May town
Sooner or later there will be a Federal bailout.
Take it to the bank.
They will whip-up a “sky is falling” panic, just as they did for the banks in ‘08.
At the end of the day most Republicans will vote for it.
YES! These yankees come down South to escape the insanity, then turn around and demand we elect commies and socialists like they had up there, while all the time telling us how they did things up nawth. That's why NC is turning "purple" and what they're trying to do in Georgia.
Liberal Democrats are right to blame Trump and his supporters for the economic conditions of their state. Trump, has snatched away their ability pass their state’s massive taxation onto the national tax payers. Instead of realizing the failure of tax and spend economics, they only see the Trump policy change as the cause for their pain. Ironically, their gripe is over the loss of a tax (loophole) heaven that benefited them.
I don’t want these Commie idiots in Kentucky. Stay there and celebrate your ignorance.
The bailout may be attempted but the problem is that you aren’t talking about one single state, or even two. Right now, I can see five to six progressing to the point where lenders won’t cooperate and they have to seek the only help left.
In this case, the remaining states, particularly red states....will ask for several changes to occur (like pension programs have to be altered or changed via some in-house state constitution), that salaries for employees has to be cut by one-third (minimum), and the books have to be opened up.
In the case of California, I don’t think they are willing to attempt any of those conditions, and they be left there to fail.
I agree. Just a matter of time.
Push for massive immigration -- both legal and illegal -- so that minorities from Latin America, Africa and Asia can pay exorbitant taxes to cover the pension costs of retired white government workers who have moved to North Carolina and Florida to avoid paying New Jersey taxes.
No, we want those people who voted for the pols who did this to stay put.”
You nailed it! They’re just looking for another state to loot, like parasites looking for a new host!
Lets say you sell pens.
You sell your pens for $1.
The State of Illinois wants to buy some pens from you.
You know that it will take them six months to pay, so you charge them $3.
Take a close look at what the state of Illinois is paying for stuff.
Might be some kickbacks going on.
The only way we should bail them out is that they lose their statehood status for a period of 20 years.
If they successfully paint the picture of impending economic collapse like they did in ‘08, Republicans will pass a bailout without preconditions.
Blowing off the Tea Party in ‘08 opened the floodgates for EVERYBODY to expect a bailout.
At the end of the day most Republicans will vote for it.
Yep. They always do.
GOP - Gutless Old Party.
If they wrote down state employee pensions to whatever level the fund could actually pay, most employees would probably still be getting bigger pensions that most private sector workers. That’s a key comparison to keep in mind when the SHTF.
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