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Cities & States in trouble

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posted on Nov, 6 2008 @ 09:55 PM
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Philadelphia Sinking

California Budget Deficit Balloons to $11.2 Billion

The cities and states across the US are starting to feel the pinch from the economic downturn.




posted on Nov, 6 2008 @ 10:02 PM
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Bingo.

As the de-leveraging of debt process begins to expand it's scope it is only natural that it will flow down to your state and particularly your municipal level.

Godspeed to all.

JK



posted on Nov, 6 2008 @ 10:14 PM
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When you get foreclosed on they sell your house for pennies on the dollar at the court house. What happens to cities and states?



posted on Nov, 6 2008 @ 10:16 PM
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Thankfully in Texas it is illegal for the state to go into a deficit.


And I am glad I live in Houston...


Flatness in Houston If energy were factored in, Houston might have shot up to the top of the ranking. "Texas is buffered, but it's not insulated," said Edward Friedman, an economist who covers Texas for Moody's Economy.com (MCO). "It's definitely not going to keep on growing the way it is. While the rest of country is in significant decline, you'll have flatness in Houston."


The best place to live in a recession? Read here.



posted on Nov, 6 2008 @ 10:50 PM
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Originally posted by Velvet Death
When you get foreclosed on they sell your house for pennies on the dollar at the court house. What happens to cities and states?


I would imagine the benevolent federal government steps up to take over.



posted on Nov, 7 2008 @ 01:29 AM
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Originally posted by Velvet Death
When you get foreclosed on they sell your house for pennies on the dollar at the court house. What happens to cities and states?


It's when said house is foreclosed upon and sits vacant that the city & state take it in the sphincter. Can't collect property taxes on an abandoned building and the more of them there are, the further down they drive the taxable value of surrounding homes in the neighborhood. That is HUGE in a place like here, Washington state, where the government essentially runs off of property tax and sales tax as we have no income tax.



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