10 states most likely to declare BANKRUPTCY

[Calz]

State Budgets: Echoes of the “B’ Word—Bankruptcy

By MAUREEN MACKEY, JENNIFER DEPAUL, The Fiscal Times February 25, 2011

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Through the din of protests over state budget cuts in Wisconsin, Ohio and elsewhere across the nation, one word is now being bandied about with greater frequency: bankruptcy. Some Republicans, including Newt Gingrich, Jeb Bush and others, are not just floating the idea but going so far as to recommend it. “A bankruptcy option for the states would look very similar to Chapter 9 municipal bankruptcy, with some necessary modifications,” Gingrich, the former GOP House Speaker, and Bush, the former Florida governor, wrote in a recent op-ed.

Why? Try this on for size: All told, states now face a cumulative $125 billion operating deficit for fiscal year 2012, according to the Center on Budget and Policy Priorities. (The shortfalls for 2009 and 2010 and most of the shortfalls for 2011 — totaling over $430 billion combined — have already been closed through a combination of spending cuts, withdrawals from reserves, revenue increases, and use of federal stimulus dollars.) In addition, unfunded public pension liabilities may be as high as $574 billion, according to a new report by Joshua Rauh, finance professor at Northwestern. This fiscal promise is above and beyond the roughly $3 trillion (or $27,000 per household) in unfunded liability of all state‐sponsored pension plans in the U.S., so many cities are carrying substantial off‐balance‐sheet debt. “These [liabilities] are the largest loophole in balanced budget pledges,” said Rauh in recent testimony before a House subcommittee.


Top 10 States Likely to Declare Bankruptcy (see full story):

http://www.thefiscaltimes.com/Articl...uptcy.aspx?p=1

[AlkaMyst]

WOW.....Thanks for this Calz_Avaretard, I live in NH right now but we are moving back to FL at the end of the month......I had a funny feeling that it was time to go (I don't know why, but I always get out of bad situations before they happen ).

I know FL is not much better due to the chemical spraying, but most of our family is there and it's just becoming too hard for us up here!!

Again, Thank you for this info.

Blessings,
AlkaMyst

[GlassSteagallfan]

Glass Steagall isn't heard much either. Perhaps we are supposed to suffer more first.

Bankruptcy=depopulation

Glass Steagall=rebuild

[Calz]

Posted by AlkaMyst (here)
WOW.....Thanks for this Calz_Avaretard, I live in NH right now but we are moving back to FL at the end of the month......I had a funny feeling that it was time to go (I don't know why, but I always get out of bad situations before they happen ).

I know FL is not much better due to the chemical spraying, but most of our family is there and it's just becoming too hard for us up here!!

Again, Thank you for this info.

Blessings,
AlkaMyst

Stay away from the beach ... if you want support for that thought go to:

http://www.floridaoilspilllaw.com/

every day you will have about 5 updates to tell you why.

¤=[Post Update]=¤

Posted by GlassSteagallfan (here)
Glass Steagall isn't heard much either. Perhaps we are supposed to suffer more first.

Bankruptcy=depopulation

Glass Steagall=rebuild

I don't have the answers my friend.

I *believe* mother earth is going to cleanse herself within the next few years and I don't think money will really matter for long?

[AlkaMyst]

Stay away from the beach ... if you want support for that thought go to:

http://www.floridaoilspilllaw.com/

every day you will have about 5 updates to tell you why.

Awesome Calz_Avaretard, will do and again thank you so much for posting this.....I appreciate it from the bottom of my heart!!!

I *believe* mother earth is going to cleanse herself within the next few years and I don't think money will really matter for long?

I have to totally agree with this one!!!.......We are in for a very long ride my friends, so just hold on and let's make the best of the situation!

Blessings,
AlkaMyst