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10 Signs That America Is On The Verge Of A Horrible Municipal Debt Crisis
The American Dream ^ | 3-22-2012

Posted on 03/22/2012 3:19:55 PM PDT by blam

10 Signs That America Is On The Verge Of A Horrible Municipal Debt Crisis

March 22, 2012

Is America on the verge of a horrible municipal debt crisis? Unfortunately, the answer is yes. From coast to coast there are an increasing number of cities, towns and counties that are rapidly going broke. Financial analyst Meredith Whitney took a lot of heat when her prediction of a municipal bond crash in 2011 did not happen, but she was not fundamentally wrong in her analysis. A horrifying municipal debt crisis is starting to unfold right in front of our eyes. It just did not happen as soon as she thought that it would.
When most Americans think of our "debt problem", they think of the federal government. But the truth is that we have hundreds and hundreds of smaller "debt problems" all across the country. In 2012, cities such as Stockton, California and Harrisburg, Pennsylvania have already defaulted and a whole bunch of other cities and towns are headed down the exact same path. Once we see the first major wave of municipal defaults, creditors will become much tighter with their money and that will cause even more municipalities to get into financial trouble. This crisis could start spinning out of control at any time.

The frightening thing is that all of this is happening at a time when we are supposed to be having an "economic recovery".

So what will things look like when the economy gets even worse than this?

If hundreds of cities, towns and counties are barely able to keep their heads above water financially right now, what is going to happen when the next recession hits?

That is frightening to think about.

The following are 10 signs that America is on the verge of a horrible municipal debt crisis....

#1 Moody's has downgraded Detroit's debt again. The following is from the Detroit News....

The city received a downgrade to B2 from Ba3 for its $553.1 million in outstanding general obligation unlimited tax debt and also a downgrade to B3 from B1 for the $486.4 million in outstanding general obligation limited tax debt. Both ratings fell two points. #2 The city of Indianapolis is facing an unprecedented 75 million dollar budget deficit in 2012. City officials are warning that there may soon not be enough money to keep the streetlights on.

#3 Suffolk County in New York has declared a "fiscal emergency" after discovering that it is projected to take on a total of more than 500 million dollars of additional debt by the end of 2013.

#4 The city of Trenton, New Jersey is so broke that it has put off buying more toilet paper for city buildings. At last report, there were a total of 15 rolls remaining and after that those that use city restrooms will be on their own.

#5 Some cities are slashing expenses dramatically in an attempt to stay afloat. The following is one example from California....

Costa Mesa, a city of 110,000 south of Los Angeles, has slashed its payroll from 611 to 450. It is selling its police helicopters and has hired a neighboring city for air patrols. It's also pursuing a controversial effort to convert to a charter city from a general law city, which would give City Hall more power to outsource more work, said councilman Jim Righeimer.

#6 In New York, state officials are deeply concerned that city and local governments are paying their pension obligations by borrowing from the state pension fund. This is essentially like making your minimum monthly payment on a credit card by borrowing more money on that same credit card....

And now, their fears are being realized: cities throughout the state, wealthy towns such as Southampton and East Hampton, counties like Nassau and Suffolk, and other public employers like the Westchester Medical Center and the New York Public Library are all managing their rising pension bills by borrowing from the very same $140 billion pension fund to which they owe money.

Across New York, state and local governments are borrowing $750 million this year to finance their contributions to the state pension system, and are likely to borrow at least $1 billion more over the next year. The number of municipalities and public institutions using this new borrowing mechanism to pay off their annual pension bills has tripled in a year.

#7 Pension problems are catching up with a lot of cities all over the nation. For example, CBS News reported recently that the city of Central Falls, Rhode Island has been forced to declare bankruptcy because of pension woes....

For years, city officials promised robust union contracts and pensions without raising revenue to pay for them. Last August, the math caught up with them. Central Falls was broke, its pension fund short $46 million. It declared bankruptcy.

"My daughters grew up here, went to school here. It's all gone," said Mike Geoffroy, a retired firefighter.

He said he could not make the payments on his house after his pension was cut by $1,100 a month.

#8 Last November, Jefferson County, Alabama filed for the largest municipal bankruptcy in U.S. history. At the time, they had accumulated a total of approximately 4.2 billion dollars of debt.

#9 Several other U.S. large cities have defaulted on their debts in early 2012 as a Bloomberg article recently reported....

The California cities of Stockton and Hercules, as well as Pennsylvania's capital, Harrisburg, have opted to default on some of their insured debt in recent months.

#10 In all, there have been 21 municipal defaults so far in 2012. The grand total of those defaults comes to 978 million dollars.

Of course a lot of state governments are experiencing massive budget problems right now as well.

For example, in California state government revenues for February 2012 were down by about 22 percent compared to February 2011. The state government is quickly running out of money once again, and nobody is quite sure how to fix California's rapidly deteriorating financial situation.

And we all know that the biggest debt problem of all is the U.S. national debt.

Professor Antony Davies of Duquesne University has put together a great YouTube video that shows how the U.S. national debt crisis could get wildly out of control if interest rates start going up by even just a little bit....

(Click to the site to see the video)

It is no wonder why so many Americans are so pessimistic about our future.

One new survey has found that 63 percent of all Americans believe that the U.S. economic model is broken.

Things did not have to turn out this way, but they did.

As a nation, we did not have to get absolutely addicted to debt, but we did.

Now we are going to pay the price and it is going to be extremely painful.


TOPICS: Front Page News; Government; News/Current Events
KEYWORDS: bankrupcy; collapse; debt; dollarcollapse; economy; getredyhereitcomes; mortgagingyourkids; municipalaties; municipaldebt; prepperping; survivalping
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1 posted on 03/22/2012 3:20:12 PM PDT by blam
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To: blam

The cities have been morally bankrupt for sometime, it is the way of things that fiscal bankruptcy follows.


2 posted on 03/22/2012 3:23:19 PM PDT by DaveyB (Our Constitution was made only for a moral and religious people. -John Adams)
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To: blam
Quite a rosy picture huh? Thanks for the post blam.

Keep your powder dry FRiend.

3 posted on 03/22/2012 3:28:07 PM PDT by houeto (Mitt Romney - A Whiter Shade of FAIL)
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To: blam

>> city and local governments are paying their pension obligations by borrowing from the state pension fund

Neat trick... where do you SSuppose they learned it?


4 posted on 03/22/2012 3:31:25 PM PDT by Nervous Tick (Trust in God, but row away from the rocks!)
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To: blam

I recently read Harry Dent’s latest book, “The Great Crash Ahead” and he discusses the public employee (State and local)pension debacle in this country. It’s much worse than most people realize. But they’re going to soon find out how bad it is.


5 posted on 03/22/2012 3:34:06 PM PDT by Signalman
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To: blam
11) Not one single red penny has been cut from any budget from city to national government and not one single red penny is budgeted to be cut in the future.

We have been kicked, slapped, hoodwinked, lied to, promised and robbed all in the name of compassion.

When do we light the torches and march?

6 posted on 03/22/2012 3:34:40 PM PDT by EGPWS (Trust in God, question everyone else)
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To: blam
One new survey has found that 63 percent of all Americans believe that the U.S. economic model is broken.

*rolls eyes*

The idea of a pension is a bit antiquated, IMO. Work for your money, invest wisely, save for retirement. That's the right way to think.

These idiot pensioners think, "Oh, I'll work for 35 years and retire at 55/60 with a full, free ride just for showing up to work."

No... you dolt... if that's ALL that you were banking on, you get what you deserve.

7 posted on 03/22/2012 3:37:05 PM PDT by rarestia (It's time to water the Tree of Liberty.)
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To: blam

“#4 The city of Trenton, New Jersey is so broke that it has put off buying more toilet paper for city buildings.”

Tough sh*t, use your hand.


8 posted on 03/22/2012 3:40:29 PM PDT by forgotten man (forgotten man)
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To: blam

Won’t just be municipal ...........


9 posted on 03/22/2012 3:54:03 PM PDT by F15Eagle (1 John 5:4-5, 4:15, 5:13; John 3:17-18, 6:69, 11:25, 14:6, 20:31; Rom10:8-11; 1 Tim 2:5; Titus 3:4-5)
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To: blam

Won’t just be municipal ...........


10 posted on 03/22/2012 3:54:19 PM PDT by F15Eagle (1 John 5:4-5, 4:15, 5:13; John 3:17-18, 6:69, 11:25, 14:6, 20:31; Rom10:8-11; 1 Tim 2:5; Titus 3:4-5)
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To: blam; DaveyB
Some cities are slashing expenses dramatically in an attempt to stay afloat. The following is one example from California.

Cut more!

A good thing...Some people just don't get it.

11 posted on 03/22/2012 3:59:25 PM PDT by dragnet2 (Diversion and evasion are tools of deceit)
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To: blam
But Suze says, buy municipal bonds.
12 posted on 03/22/2012 4:02:55 PM PDT by Graybeard58 (Eccl 10 v. 19 A feast is made for laughter, and wine maketh merry: but money answereth all things.)
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To: blam
The city of Indianapolis is facing an unprecedented 75 million dollar budget deficit in 2012. City officials are warning that there may soon not be enough money to keep the streetlights on.

So turn them off!

13 posted on 03/22/2012 4:03:00 PM PDT by dragnet2 (Diversion and evasion are tools of deceit)
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To: blam
Pension problems are catching up with a lot of cities all over the nation.

Government employees and their lottery style retirement pensions, at all levels, are choking the country off.

14 posted on 03/22/2012 4:04:42 PM PDT by dragnet2 (Diversion and evasion are tools of deceit)
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To: blam
Liberal municipalities would rather raise taxes than cut spending on....

...travel, conferences, per diem and entertainment expenses, overtime, publishing, performing Arts & Arts support, sporting events support, daycare, food & beverage entertainment, entertaining foreign visitors, assigned vehicles, free social and psychiatric services, recreation centers, parks and land, library support, environmental studies, free parking, heritage studies, arts councils, technology councils, social events, public concerts, museum events, gallery/theater events, sports team & event support, exhibitions, philanthropy/handouts, donations/scholarships, all grants/awards & their ceremonies, cafeteria & coffee shop subsidies, coffee & donuts, working lunches, meeting & conference centers, retreats, skills training & education courses, fact-finding trips to exotic locations, information center materials, foreign offices for tourism & tourist services, publications/newsletters/newspapers/websites, grants for housing, all subsidies, all consultants especially marketing-PR-advertising, climate change studies, anything with "Cultural" in its title, anything with "Heritage" in its title, anything with "Sustainable" in its title, anything with "Council" in its title, anything with "International" or "National" in its title, etc.

Would they dare to cut all budgets by 10%?, freeze all hiring?, freeze salaries?, freeze renovations?, freeze capital expenditures?, eliminate free healthcare?, cut pensions in half?, make petty cash so low that you can't buy equipment, computers, or other trinkets?, and...

...let's face it, they just don't have the guts to do major surgery. Margaret Thatcher did. Read her story. It's why she was called the "Iron Lady".

15 posted on 03/22/2012 4:05:53 PM PDT by Scooter100 ("Now that the fog has lifted, I still can't find my pipe". --- S. Holmes)
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To: blam

Detroit

Indianapolis

Suffolk County in New York

Trenton, New Jersey

Costa Mesa, south of Los Angeles

New York, city and local governments

Southampton and East Hampton, counties like Nassau and Suffolk,

Central Falls, Rhode Island

Jefferson County, Alabama

California cities of Stockton and Hercules

Harrisburg, Pennsylvania

.

.

Nope, no pattern there, right?


16 posted on 03/22/2012 4:05:56 PM PDT by TLI ( ITINERIS IMPENDEO VALHALLA)
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To: TLI; lightman; Questori; SF_Redux

$10 says lib-dems have run/now run ruined all of them, and many, many more are about to pay-the-piper, too. The crash is going to be nationwide; not just a municipal thing. It may start with them, but it’ll be like an avalanche, once it starts.


17 posted on 03/22/2012 4:12:02 PM PDT by carriage_hill (I'll "vote for an orange juice can", over Barry 0bummer and another 4yrs of his Regime From Hell!)
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To: dragnet2
In my city:

Go Ahead Mayor Jones. Turn Off The Lights

Stop me if you’ve heard this one before. A liberal, tax-and-spend Democrat is under a budget crunch. Because of bloated payrolls, wasteful spending and out-of-control pension plan commitments, the City of Mobile faces at least a $29 million shortfall in the FY 2013 budget.

The mayor of Mobile, Sam Jones, has provided the Director of City Parks information stating that effective April 1st, 2012, ALL POWER WILL BE SHUT OFF TO ALL CITY PARKS. This is due to the failure of the city council to pass the penny tax bill.


18 posted on 03/22/2012 4:12:53 PM PDT by blam
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To: TLI

From the article:

“”But the truth is that we have hundreds and hundreds of smaller “debt problems” all across the country.””


19 posted on 03/22/2012 4:15:08 PM PDT by dragnet2 (Diversion and evasion are tools of deceit)
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To: blam
This is what Scott Walker and Chris Christie are trying to prevent from happening in there respective states. Look at the fight that the public sector unions put up. Instead of fighting the governors they out to be saying thank you.

After speaking with and reading the blogs of cops, teachers, firefighters, etc. in NJ I am convinced the state and many counties and municipalities are going to literally fall apart. There is nothing you can say to a public sector employee that can convince them that there is a major problem. Cops in NJ can't understand why they don't deserve $75,000 per year pensions plus free healthcare for life all starting at age 45.

20 posted on 03/22/2012 4:17:27 PM PDT by saneright
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To: TLI
Costa Mesa, south of Los Angeles

BTW Costa Mesa is in Orange County, not even the same county as LA, and is basically in a Republican region.

21 posted on 03/22/2012 4:17:38 PM PDT by dragnet2 (Diversion and evasion are tools of deceit)
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To: blam
This is what Scott Walker and Chris Christie are trying to prevent from happening in there respective states. Look at the fight that the public sector unions put up. Instead of fighting the governors they out to be saying thank you.

After speaking with and reading the blogs of cops, teachers, firefighters, etc. in NJ I am convinced the state and many counties and municipalities are going to literally fall apart. There is nothing you can say to a public sector employee that can convince them that there is a major problem. Cops in NJ can't understand why they don't deserve $75,000 per year pensions plus free healthcare for life all starting at age 45.

22 posted on 03/22/2012 4:17:46 PM PDT by saneright
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To: TLI
Costa Mesa, in Republican Orange County has slashed its payroll from 611 to 450. It is selling its police helicopters

Again, a good thing.

Let the trend continue!

23 posted on 03/22/2012 4:19:44 PM PDT by dragnet2 (Diversion and evasion are tools of deceit)
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To: blam
These defaults will accelerate and a vicious circle emerges where more defaults drive up interest rates and cause more defaults, which cause more defaults.

Bond insurers? Toast. Political expediency will be the stake through their heart. They will be forced to liquidate "assets" (debt) at bargain basement prices...leading to trouble at many banks and other insurance companies.

Oh, and all those state and municipal bonds? Those are held mostly by banks and insurance companies...and retirement plans, most of which are Public.

One big crash away from the cascade.

Don't even get me started on Europe. They have the same problem only worse. Same with Japan.

24 posted on 03/22/2012 4:20:50 PM PDT by Mariner (War Criminal #18)
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To: saneright
After speaking with and reading the blogs of cops, teachers, firefighters, etc. in NJ I am convinced the state and many counties and municipalities are going to literally fall apart. There is nothing you can say to a public sector employee that can convince them that there is a major problem. Cops in NJ can't understand why they don't deserve $75,000 per year pensions plus free healthcare for life all starting at age 45.

While the private sector is twisting in the wind, stagnate incomes, lost hours, slashed or eliminated benefits etc...

I know cops who retired at nearly $80,000 per year at 50 years old, with 100 percent medical for life...

This is nuts!

25 posted on 03/22/2012 4:22:42 PM PDT by dragnet2 (Diversion and evasion are tools of deceit)
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To: rarestia

Or in the words of the great Dave Ramsey: “if you will live like no one else, later you get to live like no one else.”

Since technically I am a state employee (state university) they “graciously” take money from my paycheck every month to put into the State University Retirement System. I have no illusions that I will ever see that money again, because by the time I retire in 35-40 years, the government will no doubt have redistributed my wealth to someone else. So I’m building my real retirement fund from after-tax dollars, in a private bank account with a competent (i.e. non-government) investment manager!


26 posted on 03/22/2012 4:29:46 PM PDT by sthguard (The DNC theme song: "All You Need is Guv")
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To: Mariner
"Don't even get me started on Europe. They have the same problem only worse. Same with Japan. "

ECB Chief Mario Draghi Says The Worst Of The Euro Zone Crisis Is Over

27 posted on 03/22/2012 4:31:53 PM PDT by blam
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To: blam

Jefferson County AL demographics... nuff said.

http://quickfacts.census.gov/qfd/states/01/01073.html


28 posted on 03/22/2012 4:35:55 PM PDT by mojitojoe (American by birth. Southern by the grace of God. Conservative by reason and logic.)
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To: blam

Trenton NJ demographics...

http://quickfacts.census.gov/qfd/states/34/3474000.html


29 posted on 03/22/2012 4:40:15 PM PDT by mojitojoe (American by birth. Southern by the grace of God. Conservative by reason and logic.)
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To: blam; Quix; SunkenCiv; daisy mae for the usa; Kartographer; TEXOKIE; pillut48

And there is a plan - Executive Order issued March 15, one day before the infamous Emergency Peace Time EO

Obama Executive Order: The Takeover of Municipalities Drowning in Debt!

http://theintelhub.com/2012/03/21/obama-executive-order-the-takeover-of-municipalities-drowning-in-debt/

Obama’s Executive Decree: Strong Cities & Communities - Municipality Takeover
http://www.youtube.com/watch?feature=player_embedded&v=7o1_GXA6uuQ#!

Key points from the video
White house council on strong communities
Cities towns, difficult economic challenges. There is 20.8 Trillion in municipal debt.
Municipalities go into chapter 9 bankruptcy
Contracts are null and void – police, fire, teacher
Selling off of assets begins, liquidation to pay debt
Let the federal government help you….
Federal gov has no business in state and local issues
Municipalities – Virginia Beach, VA – invested taxpayer money into a reserve, from that fund, they built the downtown area.
Federal gov let us come to your rescue
We talked about America 2050.org

Agenda 21 Forum for the Future Fully Exposed: Post Industrial World Order

http://theintelhub.com/2012/02/21/agenda-21-forum-for-the-future-fully-exposed-post-industrial-world-order/

This is a different one…. Dated March 15, 2012

http://www.whitehouse.gov/the-press-office/2012/03/15/executive-order-establishing-white-house-council-strong-cities-strong-co

Executive Order — Establishing a White House Council on Strong Cities, Strong Communities


30 posted on 03/22/2012 4:41:22 PM PDT by Whenifhow
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To: TLI

Central Falls RI demographics and yes, of course there is a pattern.

http://quickfacts.census.gov/qfd/states/44/4414140.html


31 posted on 03/22/2012 4:45:17 PM PDT by mojitojoe (American by birth. Southern by the grace of God. Conservative by reason and logic.)
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To: TLI

Harrisburg, PA

http://quickfacts.census.gov/qfd/states/42/4232800.html


32 posted on 03/22/2012 4:46:40 PM PDT by mojitojoe (American by birth. Southern by the grace of God. Conservative by reason and logic.)
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To: blam
how many are due to union pensions??? screw-em!!!

they didn't think twice about extorting ruinous wages and pensions so we shouldn't think twice about telling them to go pound sand

better the corrupt union workers go broke than the hard working people that live there and are forced to pay their extortion

33 posted on 03/22/2012 4:58:10 PM PDT by Chode (American Hedonist - *DTOM* -ww- NO Pity for the LAZY)
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To: Signalman

I recently read Harry Dent’s latest book, “The Great Crash Ahead”

Read “PLUNDER” by Steven Greenhut. Meticulously researched and extremely well written, an expose of the civil service
unions and how they are destroying cities, county’s, and
states.


34 posted on 03/22/2012 5:05:32 PM PDT by OregonRancher (Some days, it's not even worth chewing through the restraints)
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To: Chode
an ugly precedent

Key West Goes Bankrupt

The city celebrated the Fourth of July, 1934, by declaring itself bankrupt. Key West surrendered all its legal powers to the state. Florida had problems of its own, so it passed the island kingdom off to the federal government.

Julius Stone Jr. was appointed to turn Key West around. He decided to turn Key West into a tourist mecca. Stone was an arrogant, high-handed administrator. Many things he did were illegal and it is apparent that he continually bypassed democratic procedures.

Julius Stone, Jr., an unlikely and at the same time perfect choice to solve the dilemma. Stone held a Ph.D. in organic chemistry from Harvard, was a wizard at playing the stock market (at least until 1929), and a member of a wealthy Ohio family of manufacturers. He was also a New Deal administrator and before his contradictory career ended, a lawyer, con man, embezzler, tax cheat and fugitive from the law. He brought many of these diverse skills into play to transform the poorest city in America into a world-famous tourist Mecca.

.

35 posted on 03/22/2012 5:07:09 PM PDT by Elle Bee
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To: Chode
an ugly precedent

Key West Goes Bankrupt

The city celebrated the Fourth of July, 1934, by declaring itself bankrupt. Key West surrendered all its legal powers to the state. Florida had problems of its own, so it passed the island kingdom off to the federal government.

Julius Stone Jr. was appointed to turn Key West around. He decided to turn Key West into a tourist mecca. Stone was an arrogant, high-handed administrator. Many things he did were illegal and it is apparent that he continually bypassed democratic procedures.

Julius Stone, Jr., an unlikely and at the same time perfect choice to solve the dilemma. Stone held a Ph.D. in organic chemistry from Harvard, was a wizard at playing the stock market (at least until 1929), and a member of a wealthy Ohio family of manufacturers. He was also a New Deal administrator and before his contradictory career ended, a lawyer, con man, embezzler, tax cheat and fugitive from the law. He brought many of these diverse skills into play to transform the poorest city in America into a world-famous tourist Mecca.

.

36 posted on 03/22/2012 5:07:42 PM PDT by Elle Bee
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To: Elle Bee
yup...
37 posted on 03/22/2012 5:49:05 PM PDT by Chode (American Hedonist - *DTOM* -ww- NO Pity for the LAZY)
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To: mojitojoe

Actually the only one I questioned was Jefferson County, Alabama. And I found the same exact site you did.

With it’s clear information regarding the ratio of local % to national % of Obama voter drones too.

And Harrisburg? WOW. Fives times the national average.

.


38 posted on 03/22/2012 6:19:11 PM PDT by TLI ( ITINERIS IMPENDEO VALHALLA)
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To: Scooter100; blam; Graybeard58
WONDER WHY CALIFORNIA IS SO BROKE?? TAKE A LOOK These are all California State Agencies

California Academic Performance Index (API) * California Access for Infants and Mothers * California Acupuncture Board * California Administrative Office of the Courts * California Adoptions Branch * California African American Museum * California Agricultural Export Program * California Agricultural Labor Relations Board * California Agricultural Statistics Service * California Air Resources Board (CARB) * California Allocation Board * California Alternative Energy and Advanced Transportation Financing Authority * California Animal Health and Food Safety Services * California Anti-Terrorism Information Center * California Apprenticeship Council * California Arbitration Certification Program * California Architects Board * California Area VI Developmental Disabilities Board * California Arts Council * California Asian Pacific Islander Legislative Caucus * California Assembly Democratic Caucus * California Assembly Republican Caucus * California Athletic Commission * California Attorney General * California Bay Conservation and Development Commission * California Bay-Delta Authority * California Bay-Delta Office * California Biodiversity Council * California Board for Geologists and Geophysicists * California Board for Professional Engineers and Land Surveyors * California Board of Accountancy * California Board of Barbering and Cosmetology * California Board of Behavioral Sciences * California Board of Chiropractic Examiners * California Board of Equalization (BOE) * California Board of Forestry and Fire Protection * California Board of Guide Dogs for the Blind * California Board of Occupational Therapy * California Board of Optometry * California Board of Pharmacy * California Board of Podiatric Medicine * California Board of Prison Terms * California Board of Psychology * California Board of Registered Nursing * California Board of Trustees * California Board of Vocational Nursing and Psychiatric Technicians * California Braille and Talking Book Library * California Building Standards Commission * California Bureau for Private Postsecondary and Vocational Education * California Bureau of Automotive Repair * California Bureau of Electronic and Appliance Repair * California Bureau of Home Furnishings and Thermal Insulation * California Bureau of Naturopathic Medicine * California Bureau of Security and Investigative Services * California Bureau of State Audits * California Business Agency * California Business Investment Services (CalBIS) * California Business Permit Information (CalGOLD) * California Business Portal * California Business, Transportation and Housing Agency * California Cal Grants * California CalJOBS * California Cal-Learn Program * California CalVet Home Loan Program * California Career Resource Network * California Cemetery and Funeral Bureau * California Center for Analytical Chemistry * California Center for Distributed Learning * California Center for Teaching Careers (Teach California) * California Chancellors Office * California Charter Schools * California Children and Families Commission * California Children and Family Services Division * California Citizens Compensation Commission * California Civil Rights Bureau * California Coastal Commission * California Coastal Conservancy * California Code of Regulations * California Collaborative Projects with UC Davis * California Commission for Jobs and Economic Growth * California Commission on Aging * California Commission on Health and Safety and Workers Compensation * California Commission on Judicial Performance * California Commission on State Mandates * California Commission on Status of Women * California Commission on Teacher Credentialing * California Commission on the Status of Women * California Committee on Dental Auxiliaries * California Community Colleges Chancellors Office, Junior Colleges * California Community Colleges Chancellors Office * California Complaint Mediation Program * California Conservation Corps * California Constitution Revision Commission * California Consumer Hotline * California Consumer Information Center * California Consumer Information * California Consumer Services Division * California Consumers and Families Agency * California Contractors State License Board * California Corrections Standards Authority * California Council for the Humanities * California Council on Criminal Justice * California Council on Developmental Disabilities * California Court Reporters Board * California Courts of Appeal * California Crime and Violence Prevention Center * California Criminal Justice Statistics Center * California Criminalist Institute Forensic Library * California CSGnet Network Management * California Cultural and Historical Endowment * California Cultural Resources Division * California Curriculum and Instructional Leadership Branch * California Data Exchange Center * California Data Management Division * California Debt and Investment Advisory Commission * California Delta Protection 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Commission * California Water Environment Association (COWPEA) * California Water Resources Control Board * California Welfare to Work Division * California Wetlands Information System * California Wildlife and Habitat Data Analysis Branch * California Wildlife Conservation Board * California Wildlife Programs Branch * California Work Opportunity and Responsibility to Kids (CalWORKs) * California Workers Compensation Appeals Board * California Workforce and Labor Development Agency * California Workforce Investment Board * California Youth Authority (CYA) * Central Valley Flood Protection Board * Center for California Studies * Colorado River Board of California * Counting California * Dental Board of California * Health Insurance Plan of California (PacAdvantage) * Humboldt State University * Jobs with the State of California * Judicial Council of California * Learn California * Library of California * Lieutenant Governors Commission for One California * Little Hoover Commission (on California State Government Organization and Economy) * Medical Board of California * Medi-Cal * Osteopathic Medical Board of California * Physical Therapy Board of California * Regents of the University of California * San Diego State University * San Francisco State University * San Jose State University * Santa Monica Mountains Conservancy * State Bar of California * Supreme Court of California * Teach California * University of California * University of California, Berkeley * University of California, Davis * University of California, Hastings College of the Law * University of California, Irvine * University of California, Los Angeles * University of California, Merced * University of California, Riverside * University of California, San Diego * University of California, San Francisco * University of California, Santa Barbara * University of California, Santa Cruz * Veterans Home of California

It is said that the only places they can cut is Police and Fire….

It doesn’t matter whether you are a Democrat, a Republican or Independent. This list has to shock you.

Over the years, our politicians have created this enormous pork barrel of agencies that employ over 350,000 people directly and countless more via contracts with the State. All of these people get salaries, medical coverage and pensions at our expense.

Source

Cheers!

39 posted on 03/22/2012 6:27:52 PM PDT by grey_whiskers (The opinions are solely those of the author and are subject to change without notice.)
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To: sthguard
I am a state employee I’m building my real retirement fund from after-tax dollars, in a private bank account with a competent (i.e. non-government) investment manager!

State government employee?

Paid enough money to save for retirement, on top of what your already getting?

Most in the private sector, are struggling just to to pay their mortgages and fill their gas tanks, millions more in the private sector lost *everything* in the past 5 years while the banks and fatcorps were bailed out.

For millions in the private sector, getting paid enough to save for requirement has become a thing of the past, if they still have jobs. Not to mention, in the private sector, most have had their health insurance, slashed or completely eliminated.

40 posted on 03/22/2012 6:40:49 PM PDT by dragnet2 (Diversion and evasion are tools of deceit)
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To: grey_whiskers; sthguard
Perspective?

CA owes a few billion, and hopefully most of the corrupt government, at the state and local levels will go completely broke due to being all consuming, controlling, bloated entities with tens of thousands of overpaid government employees.

Your Federal Government on the other hand is in the hole, about 14 TRILLION.

It takes 1,000 billion, just to make 1 trillion.

lol

41 posted on 03/22/2012 6:49:08 PM PDT by dragnet2 (Diversion and evasion are tools of deceit)
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To: DaveyB

The cities have been morally bankrupt for sometime, it is the way of things that fiscal bankruptcy follows.
****************************************************
No kidding ,, the “old” Orlando Magic arena is going to be imploded in May ... it’s a fine building but the new one is nicer and the mayor put non-compete stipulations on the old arena so it “can’t” be used for anything worthwhile ...

Why am I PISSED ? because I’m about to be screwed ,, the bonds on the “OLD” arena aren’t paid off yet ... and the colatteral (and ONLY INCOME SOURCE FOR THE BONDS!) is about to be blown up ... I’ll be “asked” to make the payments on the “old” building though...

Oh Well , it’s only a few hundred million dollars ... nothing to see (why isn’t the mayor going to jail?)


42 posted on 03/22/2012 7:26:07 PM PDT by Neidermeyer
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To: Whenifhow; Mr. Silverback; cripplecreek; NoLibZone; Lucky9teen; Pete; bicyclerepair; apillar; ...

If you want to be on or off the Agenda 21 ping list, please notify me by Freepmail. It is a relatively low volume list in which we have been exploring the UN Agenda21 and related topics. We have collected our studies with threads, links, and discussions on the Agenda 21 thread which can be found here:

http://www.freerepublic.com/focus/f-news/2738418/posts

NEW ACTION THREAD:
http://www.freerepublic.com/focus/f-news/2861644/posts


43 posted on 03/22/2012 7:47:25 PM PDT by TEXOKIE
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To: blam

Any bets on which municipalities get bailed out and which ones don’t?


44 posted on 03/22/2012 7:53:51 PM PDT by Texas resident (Hunkered Down)
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To: blam

Which successful cities are run by Democrats?


45 posted on 03/22/2012 8:10:02 PM PDT by 1010RD (First, Do No Harm)
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To: TEXOKIE

Thanks for the ping!


46 posted on 03/22/2012 8:18:14 PM PDT by Alamo-Girl
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To: blam
For example, in California state government revenues for February 2012 were down by about 22 percent compared to February 2011. The state government is quickly running out of money once again, and nobody is quite sure how to fix California's rapidly deteriorating financial situation.

Isn't California's 'solution' to have all students go to college free? And hope the rest of us are stupid enough to bail them out?

47 posted on 03/22/2012 8:22:34 PM PDT by GOPJ (Democrat-Media Complex - buried stories and distorted facts... freeper 'andrew' Breitbart)
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To: blam
that firemen who said "it's all gone" after taking a $1100 cutback in his pension per month:....I'll bet his pension was very hefty......he might as well look in the mirror....its the unionized govt workers who have gouged the fortunes of cities and counties...them, along with their corrupt city leaders who gave into every single demand...like the school boards who grant the teachers more and more benefits and higher pay...

its insanity...

48 posted on 03/22/2012 8:38:32 PM PDT by cherry
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To: Neidermeyer
they decided many years ago that the Kingdome was just so passe'....even though the taxpayers still owed something like $50,000,000 on it, no, TPTB decided to tear it down and just build a new one....

I reuse zipper lock bags.....so tearing down a building when you owe so much money on it just because you don't like it anymore does not sit well with me....

49 posted on 03/22/2012 8:49:53 PM PDT by cherry
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To: blam

What I’d like to know is “who” is loaning money to these cities? I know they’re borrowing some from pension funds to pay pensions. Sorta’ like GM taking out a second loan to pay for the first loan. But some of these cities are borrowing elsewhere. Where are the loans coming from?


50 posted on 03/22/2012 8:50:09 PM PDT by Terry Mross ( "It happened. And we let it happen. - Peter Griffin, Family Guy)
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