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