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DOWN AND OUT? MANY MORE OF US WILL SOON BE, TOO!
New York Post ^ | November 17, 2002 | JEREMY QUITTNER

Posted on 11/17/2002 3:14:25 AM PST by sarcasm

Edited on 05/26/2004 5:10:25 PM PDT by Jim Robinson. [history]

The city is broke. The corporations are broke. And increasingly, the rest of us are broke, as well.

Personal bankruptcies are projected to hit record highs in 2002 - both nationwide and in New York.

The U.S. Bankruptcy Court for the Southern District of New York, where most New York City residents file, expects to receive more than 15,000 bankruptcy filings this year, a 19 percent jump compared with two years ago.


(Excerpt) Read more at nypost.com ...


TOPICS: News/Current Events
KEYWORDS: pufflist
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1 posted on 11/17/2002 3:14:25 AM PST by sarcasm
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To: Willie Green
"sky is falling" ping
2 posted on 11/17/2002 3:32:37 AM PST by ambrose
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To: sarcasm
btt
3 posted on 11/17/2002 4:11:19 AM PST by Cacique
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To: ambrose
"sky is falling" ping.

If NYC taxes and costs related to business operations would decline, the situation would become tolerable. Overall govt. costs at all levels are way to high. Significant reductions in state budgets would put more money into consumer hands, for openers.

NYC Mayor Bloomberg is going the wrong direction with his "raise taxes" approach. Lower government operating costs (cut the bureaucracy) is what he's going to have to do or the city will see businesses move away, as happened some years ago.

4 posted on 11/17/2002 4:17:20 AM PST by toddst
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To: sarcasm
Oh sure, and next you'll say Islam is not really a religion of peace.

Everything's rosy. /sarcasm

5 posted on 11/17/2002 4:22:45 AM PST by Taiwan Bocks
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To: sarcasm
When you sit on the branch and saw on it between your butt and the trunk, unfortunate things will happen!

Too many people have been living far beyond their means for too long. Don't blame the corporations. You have had the looney left proclaiming that income redistribution is fair and everyone should live as well as the rich. When those with bigger ears than brains hear that, they take the easy credit and live well, never considering that the bill will come due.

6 posted on 11/17/2002 4:42:05 AM PST by Redleg Duke
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To: Redleg Duke
The bill is certainly coming due - we're going to be paying for the Clinton "boom" for a long time.
7 posted on 11/17/2002 4:52:46 AM PST by sarcasm
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To: Redleg Duke
Good analysis.
8 posted on 11/17/2002 5:53:32 AM PST by PGalt
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To: sarcasm
Most people I havw aeen who have filed bankruptcy are not exactly 'down and out'. Many are able to qualify for home mortgages in a couple years or so.
9 posted on 11/17/2002 6:21:03 AM PST by Always Right
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To: sarcasm
This is to be expected when our society quit asking "how much is does it cost" and started asking "how much per month is it."

10 posted on 11/17/2002 6:22:44 AM PST by DH
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To: DH
This is to be expected when our society quit asking "how much is does it cost" and started asking "how much per month is it."

Right on. I recently was going to refinance and take out a gob of cash, raising my house payment by 30%. I finally came down a notch and realized that I didn't want to spend 20 years paying for something I'll be using up in 3-5 years.

11 posted on 11/17/2002 6:30:16 AM PST by germanicus
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Comment #12 Removed by Moderator

To: sarcasm; SheLion
The city is broke. The corporations are broke. And increasingly, the rest of us are broke, as well.

hmph... their cigarette tax didn't fix their financial ills. Who would of guessed?    </sarcasm off>
13 posted on 11/17/2002 6:44:51 AM PST by GirlShortstop
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To: sarcasm
Another case of:

Death by Liberalism


14 posted on 11/17/2002 6:48:16 AM PST by Stallone
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To: GirlShortstop
oops....   hmph... their cigarette tax didn't fix their financial ills. Who would of have guessed?    </sarcasm off>
15 posted on 11/17/2002 6:51:07 AM PST by GirlShortstop
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To: superdestroyer
What would you suggest that the city stop doing? Have you read the actual city budget and can propose exact line items that can be zeroed out?

It would be helpful to know something about your perspective on this, but you have no information on your profile.

Having lived in NYC for three years I do have some direct experience with what the city does and doesn't do. The local government has more licenses and laws than are needed, with bureaucrats by the dozen to manage the resulting regulations. These government organizations are way overstaffed. Substantial reductions in government workforce would be a good place to begin saving dollars.

Deal with the "homeless" and poverty populations through more than throwing money and bureaucrats at "managing" these populations. Real training for private-sector jobs is the answer, but that's not what's being done.

Privatize as much as possible, including staffing in city government programs.

I would like to see the city budget, go through it. I'm confident that opportunities for cost reductions would jump right off the pages.

16 posted on 11/17/2002 7:31:52 AM PST by toddst
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To: toddst
Government exists, in America 2002 AD, to provide cash for those who vote in blocs and who are normally unemployable in the public sector. The cash is taken from those who are productive.
17 posted on 11/17/2002 7:45:44 AM PST by AEMILIUS PAULUS
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To: GirlShortstop; *puff_list; Just another Joe; Great Dane; Max McGarrity; Tumbleweed_Connection; ...
Well, they shot the goose that laid the golden egg when they bumped taxes on cigarettes way up there. They thought we were all sheeple out here and would "just pay it."

WRONG! We found other cheaper ways to buy cigarettes, a legal commodity, without paying into the state coffers and carrying the weight of the whole state budget on our shoulders. Let the lawmakers pull this money out of someplace else. /sarcasm off.


18 posted on 11/17/2002 7:49:44 AM PST by SheLion
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To: ambrose
I am scared about one particular part. As housing prices rise, people are taking home equity loans on those inflated prices. When those drop, and they will, we're all in for bit trouble.
19 posted on 11/17/2002 7:51:21 AM PST by Hildy
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To: superdestroyer
Have you read the actual city budget and can propose exact line items that can be zeroed out?

How 'bout for starters no new SUVs or new vehicles for 2 or 3 years.....how 'bout subway passes instead of vehicles; how 'bout 20% RIF across the board; how 'bout putting all gov't service out to bid?

After a few years of this how about zero-based budgeting?

20 posted on 11/17/2002 7:52:24 AM PST by ninonitti
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