Oh, They Ran Out Of Other People’s Money?

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bankruptcy, California, economics, pensions, running out of money, Stockton

Municipal debt market analysts are keeping a close eye on the finances of local governments in California out of concern that some could use fiscal emergency declarations as a way to speed Chapter 9 filings to attempt to shed financial obligations.

via Fourth California city faces bankruptcy as municipal ‘disease’ spreads – U.S. News.

The swine said

They used tax money to buy votes, they held their political post, and now they have spent everything and then some.  What’s the answer?  More taxes!  Blame Bush!  More government!

There is nothing like a politician who lives in an alternate universe where consequences don’t exist.  Barry makes sure that the sequester will be as painful as possible, yet he’s not going to participate in the “painful” cutbacks.  He makes expensive trips using money this nation has to borrow:

President Obama is coming to Colorado to highlight the state’s gun control push as he tries to convince Congress to tackle the issue.

Obama is scheduled to come Tuesday. The White House says the president will meet with law enforcement and community leaders to discuss the gun control package signed into law by Gov. John Hickenlooper.

Protein Wisdom has a nice way of juxtaposing the economic choices.  Flying this useless man to read a teleprompter is very expensive.  Throughout this nation, bankruptcy is the status of many government entities from the municipal level, through the state, and right up to the federal level.  If I ran my home economy like the government runs its affairs, I’d lose my home and everything else.  The day of reckoning is coming, it is only a matter time.  Money just doesn’t grow on trees.  That’s hope and change for nation of idiots.

 

Health-care law will add $340 billion to deficit, new study finds – The Washington Post

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deficit, lies, Obamacare

“Does the health-care act worsen the deficit? The answer, I think, is clearly that it does,” Blahous, a senior research fellow at George Mason University’s Mercatus Center, said in an interview. “If one asserts that this law extends the solvency of Medicare, then one is affirming that this law adds to the deficit. Because the expansion of the Medicare trust fund and the creation of the new subsidies together create more spending than existed under prior law.”

Administration officials dismissed the study, arguing that it departs from bipartisan budget rules used to measure every major deficit-reduction effort for the past four decades — including the blueprint offered last month by House Budget Committee Chairman Paul Ryan (R-Wis.).

via Health-care law will add $340 billion to deficit, new study finds – The Washington Post.

Public pensions loom as a huge problem in Illinois

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failed to contribute, government, Illinois, Illinois' pensions, pensions

The problem, union supporters say, isn’t that the workers are getting too much but that state leaders have been shortchanging the system for a generation, avoiding tough budgetary choices in lean years by failing to make the pension fund payments they were supposed to make. The failure to adhere to that payment schedule, they say, is what dug the hole that some now want to fill by cutting workers’ benefits.

via Public pensions loom as a huge problem in Illinois.

Quinn defends breaking deal with state employee union – chicagotribune.com

Union suckers!

 

“All agreements are subject to the clause in the Illinois law that says ‘subject to appropriation,’” Quinn said while touring a Chicago Public School on the first day of classes. “If the General Assembly doesn’t appropriate the money, the governor doesn’t have the authority on his own motion to appropriate money. So I have to abide by the will of the General Assembly. They passed a budget that requires reductions, and therefore we’ll have to carry those reductions out.”

via Quinn defends breaking deal with state employee union – chicagotribune.com.

In other words, you public employee suckers should read the fine print before you back a guy like this!

The Trillion-Dollar Bank Shakedown That Bodes Ill for Cities by Howard Husock, City Journal Winter 2000

 

 

The Clinton administration has turned the Community Reinvestment Act, a once-obscure and lightly enforced banking regulation law, into one of the most powerful mandates shaping American cities—and, as Senate Banking Committee chairman Phil Gramm memorably put it, a vast extortion scheme against the nation’s banks. Under its provisions, U.S. banks have committed nearly $1 trillion for inner-city and low-income mortgages and real estate development projects, most of it funneled through a nationwide network of left-wing community groups, intent, in some cases, on teaching their low-income clients that the financial system is their enemy and, implicitly, that government, rather than their own striving, is the key to their well-being.

via The Trillion-Dollar Bank Shakedown That Bodes Ill for Cities by Howard Husock, City Journal Winter 2000.

You honestly have to love liberals.  How many paths have they paved to hell with all their “good” intentions?

The Debt Ceiling and the Balanced Budget Amendment | Cato @ Liberty

 

 

Thomas Jefferson wrote, “In questions of power, then, let no more be heard of confidence in man, but bind him down from mischief by the chains of the Constitution.” Just so. When it becomes clear that Congress as a body cannot be trusted with the management of the public fisc, then bind them down with the chains of the Constitution, even — or especially — chains that deny them the flexibility they have heretofore abused.

via The Debt Ceiling and the Balanced Budget Amendment | Cato @ Liberty.

The problem is government doesn’t think much of the Constitution.

Will Illinois Be America’s Greece? – Investors.com

Caterpillar is staying, largely because of contractual obligations with the United Auto Workers and to incentives that broke Illinois has offered as a bribe to avoid a major embarrassment. But the fact remains that the current Illinois business climate is not much better than Zimbabwe’s.

via Will Illinois Be America’s Greece? – Investors.com.

You just have to love the Democrats.  Oh, I’m moving out of the state the first chance I get and my money, if there’s any left, is going with me.