Posted on 02/06/2013 7:52:45 AM PST by rightwingintelligentsia
WASHINGTON – The Baltimore city government is on a path to financial ruin and must enact major reforms to stave off bankruptcy, according to a 10-year forecast the city commissioned from an outside firm.
The forecast, obtained by The Associated Press ahead of its release to the public and the City Council on Wednesday, shows that the city will accumulate $745 million in budget deficits over the next decade because of a widening gap between projected revenues and expenditures.
If the city's infrastructure needs and its liability for retiree health care benefits are included, the total shortfall reaches $2 billion over 10 years, the report found. Baltimore's annual operating budget is $2.2 billion.
(Excerpt) Read more at foxnews.com ...
5.56mm
And just remember, O’Malley will do for the whole state of Maryland that which he did for Baltimore. And he’s got his eyes set on a Pennsylvania Ave. Mansion in DC, too.
That path is going to need to be a 4 lane highway to handle all the traffic on it.
Baltimorons need not worry.
As long as O’Malley is running the state he will steal enough from the rest of us to keep Baltimore afloat.
I unfortunately live in Maryland. These people LOVE taxes, they never get enough.
Some gutsy leadership there. Your city is broke, so you spend another half million dollars to have someone else prove it.
Another American big city with decades of Democratic rule in financial trouble. Gee, what a surprise. This country is going downhill so fast it’s scary.
I'm happy to say that I'm still alive.
Baltimore is no worse than the United States.Just go to your local Mall and see the number of stores that are closing.Observe the lack of economic activity.We are still in a bad recession with very little hope on the horizon.I am sorry to disagree with the snow-job of the MSM.
Why does this happen almost exclusively to Deep Blue Cesspool Democrat cities? Such a mystery...
Some gutsy leadership there. Your city is broke, so you spend another half million dollars to have someone else prove it.
&&&
They’re ‘Rats; it’s how they roll....
In Baltimore, the erosion of the tax base is easy to see. The city’s population has dropped from a peak of 950,000 in 1950 to 619,000 today, and while the decline has slowed, there have been few signs of the trend reversing.
***
I am not sure if it is because there are police in the pocket of the drug dealers or what. But Baltimore has failed with some excellent opportunities to reverse this trend. There are many drug addicts in Baltimore
and a lot of crime.
There are some beautiful old neighborhoods in the city that people have attempted to rehab only to be driven out by crime — robberies and muggings.
If the crime was under control, they would find many young professionals moving in and expanding the tax base.
I used to love to visit Baltimore, but, these days, we rarely do.
Two major reasons for that I can see:
One, the Dems of course cater to public service unions, making benefit and pension promises that they eventually can’t keep; and
Two, they also fall over themselves to coddle low-income minorities, attracting them to the cities with “services” paid for by the taxpayer.
So eventually the only people who can afford to live in the cities are City employees, welfare recipients, and very rich lefties, who will eventually leave anyway as even they will only put up so long with high taxes and the crime.
i escaped charm city when i joined the army. most of the family is back there and 90+% of my college graduating class never left MD or the surrounding states. no one would pay me enough to live back there though there is plenty of history to see when we visit.
It is no accident that Baltimore has acquired nicknames like “Baltimordor” and “Baltimurder” ...
“Why does this happen almost exclusively to Deep Blue Cesspool Democrat cities? Such a mystery...”
Burlington, Vermont is probably far “deeper blue” and way more leftist than is Baltimore, yet no problems there.
It’s no “mystery”, if you take the blinders off and look closely...
How long did it take you to remove the “Honky Lips” spray-painted on your car ?
The Detroit of Maryland . . .
Maryland “Freak State” PING!
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