US Cities Going Bankrupt In Economic Crisis

I looked for this EVERYWHERE, Could not find it.
Sourced today on Sky in the uk.

news.sky.com...

With less than a year to go until America elects its next president, the country has been warned of a looming new economic crisis. Major cities across the United States are declaring themselves bankrupt in the face of huge debts and declining revenues. :: More US news on our dedicated mini-site Birmingham, in Alabama, and Harrisburg, the state capital of Pennsylvania, are the latest high-profile cities to file for bankruptcy. Analysts warn as many as 100 American cities are at risk. They are taking their lead from a scenic California city which has become the poster child for the blight of municipal bankruptcy.

I watched the larger report on TV and "JESUS" things are getting REALLY bad over there.

Just to check, is this being reported right, overly reported or not reported enough? basically, is this true, if so is it this bad, or is it worse.

America. You look like your on your knees my friends.

reply to post by shauny


yes, it is accurate. I live about an hour from Harrisburg, and yes they are broke. In fact, the state took over running the cities finances since the city council could not agree on a budget. The problem here and probably most everywhere is they taxed everything, and planned for that revenue to never go away. When the recession hit, the money dried up and they had already spent money they had not collected. Typical bureaucracy.

I am just amazed that the government has not figured out how to be run like a business or a household. You spend within your means, and save for a rainy day. This is what happens when you have a super nanny state like we have!

Yes, we are on our knees!! We are sinking deeper and deeper into debt and there is no relief in sight. Very soon we will not even be able to pay the interest on our national debt even if every working american were taxed at 100%.

Something has to give.

America has always been on its knees, bowing to the queen. We have never been free, never been rich, and always been disillusioned and lied to by those we put in power.

We will suffer more than this by far, since no one feels its time to stand up for our human rights yet.

Bankruptcy is nothing compared to what's ahead. We need to be invaded by a country that could help us take our govt to jail as one big group, just round em up. Funny thing is.. Even if that happened, we'd still elect some greedy tyrant who believes he/she is royalty and deserves the right to take for themselves and lie to the people.

Seeing as how the elite few running this world believe we are all in need of their guidance since we would surely be extinct if it wasnt for them and their bloodlines running it all properly... Ahhh all I can do is laugh.

I know our state (Illinois) is bankrupt. I hear on the local news how teachers aren't getting paid or they are getting paid late. State workers are continually walking off the job because of no pay. There are no ambulance service that are county run down here..because they weren't getting paid.

Schools are crap here..roads are thrashed..grass grows on the sides and median so high that is can be dangerous. Snow doesn't get cleaned up off the roads anymore. Every thing in southern illinois is very decrepit. Some towns are like ghost towns nothing but swing signs and empty buildings.

There are really no good jobs here min wage (7 bucks/hour) or waitressing (3 bucks/hour+tips) are all that are left.

It is much worse than the Op would indicate. Many US states and cities are operating solely on the "appearance" that they still have funds to work with....but most do not have any money at all.

This is all going to come to a head soon and we will have to deal with massive shortages throughout many cities and states.

As another member stated, roads and other infrastructure across America has been neglected for some time now. Why? Because they have no money!

Tell that to the misers in Congress.

They would rather bailout their banking and corp cronies whom had only hoarded up their wealth or simply balance their ledgers sheet to prove profitability for the casino stock exchange than to rightfully bailout all americans citizens, the only ones whom will spend and circulate wealth to turn the economy better with higher growth and GDP.

reply to post by shauny


What can one expect. The cities and states put all their money in the stock market and in the hands of the banking cartels. They should all be put in prison. That money was to be put in funds that were secure and expected to be there. Instead they decided to gamble and lost. They decided to let the banks less Wells Fargo and Goldman Sachs control all the finances and as usual its gone. All of the pension funds were gambled away as well. All the coffers have been raided and the rats are jumping ship.

Originally posted by haarvik
reply to post by shauny

 

yes, it is accurate. I live about an hour from Harrisburg, and yes they are broke. In fact, the state took over running the cities finances since the city council could not agree on a budget. The problem here and probably most everywhere is they taxed everything, and planned for that revenue to never go away. When the recession hit, the money dried up and they had already spent money they had not collected. Typical bureaucracy.

I am just amazed that the government has not figured out how to be run like a business or a household. You spend within your means, and save for a rainy day. This is what happens when you have a super nanny state like we have!

No this is what happens when the banks offer to float you like one of those cheep little "payday" deals. It should be law that these town governments cant make a buget untill revenue is in hand and they cant borrow more than 50% of projection based on the prior year.

Here in sunny California, many of our cities are facing huge budget issues.

During the 80s and 90s the cities made wonderful retirement deals for their employees, police, fire, etc.

Now, they have no way to fund those extravagant pensions.

I think that in the coming decade we will see numerous cities go into bankrupt-ship. The first thing that will happen is that the pensions will not be funded at the levels that were promised because the money just isn't there.

If a cities bank account is 0 they won't be able to pay. It's going to become common.

There are many supporting factors for the decline of rural America. Small towns will find it increasingly harder to function as the industry in the area closes or moves away. Several small towns across Indiana that had 1 or maybe even 2 large business that supported the community have dried up because the businesses moved away. I am not talking about a Walmart either. I mean manufacturing type businesses. As businesses in America close or move away, rural America will dry up and go away as well because the money (in the form of taxes) is just not there to support the community anymore.

Aside from that, larger towns and cities also start to feel these effects because those that lived in smaller town or rural communities are moving closer to the larger cities. Competition for jobs is high. The pushback from Americans against Illegal Immigrants in America finds a lot of fuel because of this dog-eat-dog job market.

As for Highways, Indiana (I can't speak for other states) has always had "rough" highways. Interstate 65 from Chicago to Indy is always under repair. Many of the smaller roads and highways connecting towns and cities won't see repair but only patch work. However, this had been and ongoing problem since I was a kid. (I am in my 40's now). The US has an EXTREMELY large network of roads and highways. Those that don't get used that often see the least amount of repair.

I won't blame the Government soley because we (Americans) put them in office. I won't blame large corporations for profit mongering because we as Americans want to consume as much as possible with the least amount of work and money expenditure as possible. However, there has been a chain of events that have lead us down the path we are on now and it was all done in the name of MONEY. The driving factor was not the good of people. It was for the sake of more profits. Between the Politicians, the Corporations and the people of Amercia.....we all have to shoulder some blame for where we are.

Roads and infrastructure not repaired, hindering commerce activities.
Offices, factories with equipment, and homes boarded up, instead of being sold or rented to earn revenues.
Soon, agriculture and mining will cease.
Precious american talents - teaching, agriculture, aerospace, engineering, etc, leaving america.
Children lose all hope, migrates.....

Say thanks to your Congressmen. They are not the patriots that citizens had thought they had voted for.

Cry, americans. What had we all irresponsibly done?

Do we still deserve freedom or must it be earned ?

reply to post by ItanimuliiluminatI


Ughhh
I hate to say it but, this is true.

And it's shameful.
My message for her- YO 'queen'- nobody here gives a damn about you or your nasty inbred family of sociopaths. Your lifestyle and what you stand for is repugnant, inhumane and ANYTHING thing but NOBLE.

Brits deserve better.
I lived in Germany for a few years and I was blessed with the opportunity to travel all over Europe, and Britain was one of my faves! LOVEEED London, and the countryside is truly a sight to behold- got to hit up Stonehenge in Salisbury and spend some time in neighboring villages, talk about charming- there was a sense of magic and romance- really awesome energy.
I got nothing but love for y'all!

not so much for those 'royals' though.

(how much you think she's paying Disney to continue brainwashing all our little girls here over in America?)

out here in california, our highways are trashed with pot hole and they can really jack up your car if you hit them. Its like playing leap frog when i drive home from work, driving in and out of pot holes.

california also had a cashflow short fall and they are now going to be cutting alot of projects, teachers, and police.

The feds have made a lot of cuts. So the pain is passed on through the state down to the locals,w hich is why you see the locals struggling.
More cuts will see more struggling.

OMG, I honestly didnt think things were so bad I thought it was just a run of the mill "grasping for a story on the news" item.

That is so sad for the people its affecting. I can see this ending one way, Civil War.
Or something out of Hollywood with a lonely man walking through empty ghost towns.

So sad. And the 1% sit with $$BILLIONS$$ while you guys struggle to make end meet.

reply to post by camaro68ss

OMG..that leapfrog thing is pretty funny...I thought I was the only one that thought of that way!

Here in Illinois it's so bad and has been for so long that I know EVERY pot hole, bump, and large crack..and it's funny to go driving because you know who the locals are..all the cars in front of you (that are in the know) swing and curve from side to side on the roadway because they are using memory and know where and what to avoid. Non-locals probably think we are all drunk drivers..when in fact we are using defensive technique to save our cars from damage.

Originally posted by Neopan100
when in fact we are using defensive technique to save our cars from damage.

Originally posted by Neopan100
reply to post by camaro68ss

 

OMG..that leapfrog thing is pretty funny...I thought I was the only one that thought of that way!

Here in Illinois it's so bad and has been for so long that I know EVERY pot hole, bump, and large crack..and it's funny to go driving because you know who the locals are..all the cars in front of you (that are in the know) swing and curve from side to side on the roadway because they are using memory and know where and what to avoid. Non-locals probably think we are all drunk drivers..when in fact we are using defensive technique to save our cars from damage.

I have one strech of road where i have to drive on the other side of the road on to on coming traffic to avoid a pot hole that, and I’m not kidding you, is almost two feet deep and as wide as the whole lane. It’s like a mortar round found its way on to the road and exploded. On that same road a whole section of the road is a pot hole and I have to drive off the road. Its so bad

reply to post by shauny


yes America is In deep financial trouble. Our government has spent then borrowed 15plus trillion, add the 10,000 a day baby boomers turning 62-65 who want their social security that the prior administration raped nearly clean.they estimate by the end of 2012 our deficit will exceed 65 trillion. January will be a good month for wall street, us sheeple go out and spend past the holidays on the after Xmas deals, i read from newsmax.cpm a couple weeks ago January is a.bonus month for wall street, I can actually mentally see them salivating at januaries profits. Anyhow after January the economy will bust. Do you wonder why the police have been equipped with military weapontry? When social security gets punched welfare and Medicaid food stamps get chopped and families become homeless and hungry they react.
This of course is my opinion of what my country will endure next year.