Philadelphia is Out of Cash; Pension Spiking in California; Massive Tax Hikes in Oregon

By way of good old Mish:

globaleconomicanalysis.blogspot.com...

Well, the title really says it all. Philly, another dessicated and hollowed-out rust-belt city like Detroit, is insolvent. Suprise suprise. Elsewhere we have tax and pension trouble. The litany tolls like a sombre bell.

Philly is city run by pure morons, I know because I live there. They started this ten year tax abatement thing for condos and homes. Now you have thousands not paying ANY city taxes and drawing on city services. They need to reduce that or remove it completely.

That is simply just one sad example upon many.

reply to post by silent thunder


Instead of tightening their belts, like the rest of us must do, during the tough times. The state, local, and Federal Governments continue to SPEND and TAX us, to no end.

How on earth are they expecting citizens who are losing their jobs, homes, and seeing the price of good and services going up, to keep paying for these slime balls?



[edit on 21-7-2009 by Gateway]

reply to post by silent thunder


more dominoes falling
is anyone surprised?

I'm just surprised it's not so widespread yet

Originally posted by warrenb
reply to post by silent thunder

 

more dominoes falling
is anyone surprised?

I'm just surprised it's not so widespread yet

Let them fall.

I have front row seats to the collapse, and I'll be damned if I'll let em go to waste.