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Started By
Message
New York, New Jersey, Illinois, Connecticut and California will be demanding a bailout.
Posted on 4/26/20 at 4:13 pm
Posted on 4/26/20 at 4:13 pm
Blue states versus red states. Red states, they are coming for your money.
LINK
quote:
For several decades, and particularly since 2008, the issue of unfunded liabilities has been a growing problem for the Blue State governors. One reason Obamacare was created was to address this issue on the union and healthcare side. However, the underlying over-spending by state legislators/governors was never addressed.
The solution of allowing states to declare bankruptcy has been a part of that discussion for years. However, every Blue state governor knows if they declare bankruptcy they will never sell another bond again…. which means no investment… which means they will implode.
If the laws changed allowing states to declare bankruptcy, internally the blue states would collapse… there would be a massive exodus… people would flee the rust and collapse…. housing values would plummet overnight in Blue states…. business would leave… unemployment would skyrocket…. it would be statewide chaos.
The ultimate result would be smaller populations within the Blue state misery zones.
Think about the worst impacts and outcomes within the city of Detroit, Michigan, due to these issues on a municipal level… now overlay that visible outcome across an entire state; or group of states.
So we can look forward to an epic battle over federal bailouts of the state revenue shortfall.
LINK
18
Posted on 4/26/20 at 4:14 pm to GumboPot
frick them, the 50% of us that pay federal income taxes should not pay for States mismanagement of their pensions and the likes.
Posted on 4/26/20 at 4:15 pm to GumboPot
quote:
Blue states versus red states. Red states, they are coming for your money.
No different than any other time. Blue states would not survive without the federal government.
Posted on 4/26/20 at 4:15 pm to GumboPot
Posted on 4/26/20 at 4:22 pm to imjustafatkid
Yes they should all follow the leads of Louisiana, Arkansas, and Mississippi as beacons of economic prosperity.
Posted on 4/26/20 at 4:23 pm to Brosef Stalin
quote:
Yes they should all follow the leads of Louisiana, Arkansas, and Mississippi as beacons of economic prosperity.
They wouldn’t need a bailout then.
Posted on 4/26/20 at 4:24 pm to GumboPot
A) Consider the source
B) Consider which states are net providers and net recovers of federal funding.
B) Consider which states are net providers and net recovers of federal funding.
Posted on 4/26/20 at 4:25 pm to GumboPot
Are you really saying Louisiana is better off than California? Keep in mind California would be a top ten richest country in the world if they were independent.
Posted on 4/26/20 at 4:26 pm to GumboPot
quote:
So we can look forward to an epic battle over federal bailouts of the state revenue shortfall.
I don’t think it’s going to be a battle. Trump and the Republicans will allow these states to be bailed out. And they’ll give a reasonable answer as to why they did it, like too big too fail, and life will go on. You think Trump will allow his home state to go bankrupt? No
Bookmark it.
This post was edited on 4/26/20 at 4:32 pm
Posted on 4/26/20 at 4:27 pm to Brosef Stalin
quote:
Keep in mind California would be a top ten richest country in the world if they were independent.
Then why do they need a bailout?
Posted on 4/26/20 at 4:28 pm to Brosef Stalin
Quality of life? Yes.
I think Louisiana is a better place to live.
I think Louisiana is a better place to live.
Posted on 4/26/20 at 4:28 pm to GumboPot
Uhhhh, nope
Posted on 4/26/20 at 4:28 pm to Brosef Stalin
Richest? How do you define that? Because I'm pretty sure California's balance sheet is a shitshow.
Posted on 4/26/20 at 4:28 pm to GumboPot
And I'm sure the money will be well spent. Look at what New York's Bill de Blasio is doing:
Mayor Bill de Blasio appoints his wife head of coronavirus racial inequality taskforce 'to make sure NYC rebounds as a better and more just society than the one we left behind'
Luckily, she's NEVER mismanaged a government taskforce
:
Where has $850m gone? Bill de Blasio's wife can't account for staggering amount of taxpayer money that the NY Mayor gave her for mental health project
It'd make you laugh if it wasn't so infuriating.
Mayor Bill de Blasio appoints his wife head of coronavirus racial inequality taskforce 'to make sure NYC rebounds as a better and more just society than the one we left behind'
quote:
Chirlane McCray will head up coronavirus taskforce focusing on racial inequality
The role will focus on inclusion and equity to make sure the city 'rebounds as a better and more just society than the one we left behind
Luckily, she's NEVER mismanaged a government taskforce
: Where has $850m gone? Bill de Blasio's wife can't account for staggering amount of taxpayer money that the NY Mayor gave her for mental health project
It'd make you laugh if it wasn't so infuriating.
Posted on 4/26/20 at 4:29 pm to Brosef Stalin
And they would have a great big dent anvil around their neck while they are at it
Like you said they are superior to us in every way so they can figure it out themselves
Net migration numbers, all else is bullshite
Dirt poor Mexicans flock there, everybody else is a net outbound
Like you said they are superior to us in every way so they can figure it out themselves
Net migration numbers, all else is bullshite
Dirt poor Mexicans flock there, everybody else is a net outbound
Posted on 4/26/20 at 4:30 pm to bbrownso
No, Nada, Nope, Nah, Negative.
Posted on 4/26/20 at 4:30 pm to Pussykat
California and New York can afford their debt. They're asking for a bailout because they'd rather spend federal money than their own. Illinois is a legitimately poorly run state. Connecticut has a lot of issues as well.
Posted on 4/26/20 at 4:32 pm to Brosef Stalin
CA is 1.5 trillion in debt.
LINK
California’s total state and local government debt as of June 30, 2017 totaled just over $1.5 trillion. That total includes all outstanding bonds, loans, and other long-term liabilities, along with the officially reported unfunded liability for other post-employment benefits (primarily retiree healthcare), as well as unfunded pension liabilities.
This represents a rise of about $200 billion – or 15% – over our last debt analysis, in January 2017.
Our findings may appear to contradict reports that suggest a state budget surplus of about $9 billion. But the state’s spare cash and rainy day funds pale before the mountain of long-term liabilities that California governments at all levels have accumulated. Moreover, if the stock market drops, personal income tax and capital gains tax revenue will decline precipitously, wiping out these surpluses.
We calculate the total of unfunded pensions in California at $846 billion – $530 billion more than the official estimate of $316 billion. But even using only the officially reported estimates, California’s state and local governments are about $1.0 trillion in debt.
LINK
California’s total state and local government debt as of June 30, 2017 totaled just over $1.5 trillion. That total includes all outstanding bonds, loans, and other long-term liabilities, along with the officially reported unfunded liability for other post-employment benefits (primarily retiree healthcare), as well as unfunded pension liabilities.
This represents a rise of about $200 billion – or 15% – over our last debt analysis, in January 2017.
Our findings may appear to contradict reports that suggest a state budget surplus of about $9 billion. But the state’s spare cash and rainy day funds pale before the mountain of long-term liabilities that California governments at all levels have accumulated. Moreover, if the stock market drops, personal income tax and capital gains tax revenue will decline precipitously, wiping out these surpluses.
We calculate the total of unfunded pensions in California at $846 billion – $530 billion more than the official estimate of $316 billion. But even using only the officially reported estimates, California’s state and local governments are about $1.0 trillion in debt.
Posted on 4/26/20 at 4:33 pm to RuLSU
quote:
B) Consider which states are net providers and net recovers of federal funding.
Liberals Resurrect Myth That Blue States Subsidize Red States
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