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Thread: The Biggest Crisis is in front of us

  1. #1
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    The Biggest Crisis is in front of us

    This is happening in counties and states across the country. Most politicians are ignoring this crisis, income tax revenues are falling and it is MUCH MUCH worse than this article tells.

    An excerpt....

    “Prichard is the future,” said Michael Aguirre, the former San Diego city attorney, who has called for San Diego to declare bankruptcy and restructure its own outsize pension obligations. “We’re all on the same conveyor belt. Prichard is just a little further down the road.”

    "Many cities and states are struggling to keep their pension plans adequately funded, with varying success. New York City plans to put $8.3 billion into its pension fund next year, twice what it paid five years ago. Maryland is considering a proposal to raise the retirement age to 62 for all public workers with fewer than five years of service.

    Illinois keeps borrowing money to invest in its pension funds, gambling that the funds’ investments will earn enough to pay back the debt with interest. New Jersey simply decided not to pay the $3.1 billion that was due its pension plan this year."

    http://www.nytimes.com/2010/12/23/bu...3prichard.html

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    I believe 60 minutes had a peace on this a few weeks back. It is down right scary. The person that was interviewed claimed it would be worse then the housing and banking collapse combined. I think it is time for the states to declare bankruptcy. Raising taxes will not solve this problem! Time to step up!

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    Wow, I am shocked.

    The majority of the pension funds took huge losses from? Anyone? Anyone? Bueller?

    It is awesome! Now we can attack the very citizens who took low paying jobs because they could get health benefits and some sort of pension.

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    Quote Originally Posted by cr726 View Post
    Wow, I am shocked.

    The majority of the pension funds took huge losses from? Anyone? Anyone? Bueller?

    It is awesome! Now we can attack the very citizens who took low paying jobs because they could get health benefits and some sort of pension.
    It is so much more serious than investment losses. Those on the receiving side make comments like yours but the reality is MANY muni's will go under due to this... this will cause the economy to do much worse than it is now.

    This is so much more to do with falling tax revenues, unanticipated generations of retirees collecting and payouts so much more than anyone anticipated.
    Last edited by southparkcpa; 12-28-2010 at 12:26 PM.

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    Quote Originally Posted by cr726 View Post
    Wow, I am shocked.

    The majority of the pension funds took huge losses from? Anyone? Anyone? Bueller?

    It is awesome! Now we can attack the very citizens who took low paying jobs because they could get health benefits and some sort of pension.
    so because the state/city/municipality in charge of investing pension funds made bad decisions and took losses its someone elses fault??? that's gold!!

    and "low paying jobs"?? lmao....
    Last edited by Come Back to NY; 12-28-2010 at 12:20 PM.

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    lol...

    Prichard, Alabama filed for bankruptcy in 1999 also. Me thinks that one of the problems with the place is its....well....run by people from Alabama.

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    The biggest crisis in front of us is Nuclear prolifiration and the war in AG.

    The pension issues have to be dealt with and clearly we will have to reduce benifits for new public employees and we will.

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    Quote Originally Posted by PlumberKhan View Post
    lol...

    Prichard, Alabama filed for bankruptcy in 1999 also. Me thinks that one of the problems with the place is its....well....run by people from Alabama.
    case in point- look at the car assembly lines run in states like Alabama versus the assmebly lines run in liberal havens like deetrot....

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    Quote Originally Posted by Come Back to NY View Post
    case in point- look at the car assembly lines run in states like Alabama versus the assmebly lines run in liberal havens like deetrot....
    Look at what? The state giveaways to Hyundai? Or actually look at the actual assembly line itself?


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    Quote Originally Posted by PlumberKhan View Post
    Look at what? The state giveaways to Hyundai? Or actually look at the actual assembly line itself?

    state giveaways??? pleeze- let's go in that direction....

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    Quote Originally Posted by Come Back to NY View Post
    state giveaways??? pleeze- let's go in that direction....
    I for one am disturbed that one of America's most patriotic states would give anything to the people who attacked us on December 7th, 1941.

    It's a travesty and makes Betsy Ross cry red white and blue tears from heaven...

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    Quote Originally Posted by PlumberKhan View Post
    I for one am disturbed that one of America's most patriotic states would give anything to the people who attacked us on December 7th, 1941.

    It's a travesty and makes Betsy Ross cry red white and blue tears from heaven...
    meanwhile you run to the rescue daily for the president who wants to bestow the rights of Americans on the enemy combatants who planned the attacks of 9-11....sounds about right....
    Last edited by Come Back to NY; 12-28-2010 at 04:35 PM.

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    Quote Originally Posted by Come Back to NY View Post
    meanwhile you run to the rescue daily for the president who wants to bestow the rights of Americans on the enemy combatants who planned the attacks of 9-11....sounds about right....
    His rescue?


    lolz



    Your world is pretty darn funny. In my world, you run to the rescue of the 9/11 attackers by fondling the nuts of every Saudi person you meet. It's not right, CBTNY. Those A-Rabs can fondle their own nuts...they don't need Westchester Bob to do it for them.

    STOP RESCUING THEM!!!

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    Quote Originally Posted by PlumberKhan View Post
    His rescue?


    lolz



    Your world is pretty darn funny. In my world, you run to the rescue of the 9/11 attackers by fondling the nuts of every Saudi person you meet. It's not right, CBTNY. Those A-Rabs can fondle their own nuts...they don't need Westchester Bob to do it for them.

    STOP RESCUING THEM!!!
    meanwhile obozo is bowing to them and handing them the rights of ordinary Americans....you should be proud....

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    Quote Originally Posted by Come Back to NY View Post
    meanwhile obozo is bowing to them and handing them the rights of ordinary Americans....you should be proud....
    I am proud.

    And you should be too....he's so dreamy

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    Quote Originally Posted by PlumberKhan View Post
    I am proud.

    And you should be too....he's so dreamy
    It all goes back to Obama!

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    Quote Originally Posted by PlumberKhan View Post
    lol...

    Prichard, Alabama filed for bankruptcy in 1999 also. Me thinks that one of the problems with the place is its....well....run by people from Alabama.
    State Budget Crisis: 46 States Facing 'Greek-Style Deficits'

    http://www.bloomberg.com/news/2010-0...-deficits.html



    Many economists project that the deficit is 10 times what states are projecting.

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    Quote Originally Posted by southparkcpa View Post
    State Budget Crisis: 46 States Facing 'Greek-Style Deficits'

    http://www.bloomberg.com/news/2010-0...-deficits.html



    Many economists project that the deficit is 10 times what states are projecting.
    Good.

    Lets start by murdering and burning the bodies of ALL "financial advisors" since they obviously suck a**....

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    Quote Originally Posted by PlumberKhan View Post
    Good.

    Lets start by murdering and burning the bodies of ALL "financial advisors" since they obviously suck a**....
    or taxpayer funded/subsidized comptroller's....

  20. #20
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    Quote Originally Posted by southparkcpa View Post
    State Budget Crisis: 46 States Facing 'Greek-Style Deficits'

    http://www.bloomberg.com/news/2010-0...-deficits.html



    Many economists project that the deficit is 10 times what states are projecting.
    It is amazing the lengths businesses are willing to take to avoid paying taxes.
    This doesn't help the good ol' USA.

    http://www.bloomberg.com/news/2010-1...home-cash.html

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