The North Carolina Budget for 2011 is $19 billion. It received $634 million in budget bailouts from the federal govt.
The state debt is $43.7 billion. Horrible.
Despite its “balanced budget”, like most states it fudged the figures and now faces a $3.7 billion deficit.
Lawmakers said in January 2011 that the state’s financial problems would require deep, rapid cuts in agencies and programs and reductions in the state work force. I wonder how effective they will be in doing that?
North Carolina does not allow public employees to collectively bargain. This may help the state in the future.
Georgia has a balanced budget for the year, but only due to funds given by the US Govt (taxpayer bailout). US taxpayers gave Georgia $550 million. Too bad they couldn’t balance their own budget which totaled $17.9 billion.
They have a huge debt, though, $44.2 billion. A rather large problem.
After 1933, FDR pushed through a new bankruptcy law that allowed towns and cities to declare bankruptcy.
In 1975, NYC was about to declare bankruptcy when it was BAILED OUT at the last minute. By whom was it bailed out? The federal government of course.
Which state will declare bankruptcy? POLL
As documented on zreport, the bailout of these companies will cost taxpayers from $153 billion to $1 trillion.
Do you, the taxpayer, think it is right for you to have to subsidize their horrendous business practices?
You, who may only be paying rent or perhaps struggling to pay your own mortgage, are having to pay for other peoples’ mortgages and for the incompetent executive salaries and bonuses at these companies!
Fannie, Freddie bailout: $153 billion … and counting
Fannie-Freddie Bailout Could Cost Taxpayers $1 Trillion
Fannie and Freddie own about half of all mortgages in the US at a huge loss!
Should the government have just let them file bankruptcy instead of bailing them out?