Is your city about to go bankrupt? Or default on govt bonds?

Hamtramck, MI is wanting to file for bankruptcy. Others are possible.

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A very diverse group of people such as hedge fund guru George Soros,  JPMorgan’s CEO, economist Nouriel Roubini, financial expert Meredith Whitney and Bill Gates warn that local government finances are embarrassingly defective, if not criminal or highly unethical, and that there are likely to be many local bankruptcies and many municipal bond defaults.

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Financial expert ranks California as being in the worst financial condition

“Financial expert, Meridith Whitney, has ranked California as being in the worst financial condition.

California has an $86.6 billion budget, and already has a $25.4 billion shortfall. Are you kidding me?

What geniuses ran this huge government monstrosity into the ground?

And guess what the state debt is. It’s $290,855,041,516 – or – $290+ billion for those of you who don’t like counting numbers and commas.

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PA Govt Worker Union Pensions “severly distressed” in “death spiral”

City pension systems for government union workers are in crisis in Pennsylvania.

Pittsburgh, Philadelphia, Scranton and others are rated “severely distressed”.

Pittsburgh is the worst:

  • spends 50 cents of every dollar in their budget on govt worker pensions, health care and debt.
  • there are more than 2 retirees that have to be paid benefits for every active govt employee.
  • the pension for govt workers has a $700 mill unfunded liability.
  • even traditionally pro-union Democrat mayor says something has to be done.

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click for video

 


Government Workers: Unions that Conspire to Steal Money from Taxpayers

Yes, government workers are basically in unions that negotiate with each other to steal your money. They negotiate with themselves, as they are all part of government worker unions, to raise their own pay, and make you pay more taxes to pay for their health care and benefits! Do they pay for your benefits? Of course not. They make mafia schemes look like child’s play. After all they’ve made it completely “legal” to rip you off!

click to read article


Calif Taxpayers on hook for $500 billion more in state workers’ pensions

Yes, you Calif taxpayers, many of whom do not have savings or pensions, will have to come up with $500 billion more in cash to pay for state worker pensions.

How are you going to do that?

Watch out, the politicians and unions are trying to figure out a way to make you do it. Can you say higher taxes?

click to read story of Stanford study


State pension plans are underfunded by $3.2 trillion

Yes, YOU, the collective taxpayer owes $3,200,000,000,000.00 to fund workers of the states. You, who probably don’t have a pension, are on the hook to pay for pensions of state workers!

Well, you elected the politicians who, along with union leaders, cooked up and agreed to this. Now, we all are on the hook!

What are you going to do about it?

click for the story


Leaders are Supposed to Lead. Cut Entitlements. Gov Chris Christie.

Quit playing political games. It’s time to cut entitlements … time to balance budgets … time to man-up!

Time to reform social security, medicare and medicaid … he said it and he didn’t vaporize. The dude tells it like it is!