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

The American Dream ^ | 3-22-2012

[DaveyB]

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

[houeto]

Quite a rosy picture huh? Thanks for the post blam.

Keep your powder dry FRiend.

[Nervous Tick]

>> 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?

[Signalman]

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.

[EGPWS]

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?

[rarestia]

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.

[forgotten man]

“#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.

[dragnet2]

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.

[Graybeard58]

But Suze says, buy municipal bonds.

[dragnet2]

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!

[dragnet2]

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.

[Scooter100]

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".

[TLI]

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?

[Carriage Hill]

$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.

[blam]

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.

[dragnet2]

From the article:

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

[saneright]

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.