How Many Blue States Will go into Default/Bankruptcy This Fall?

[LaDexter]

Congress agrees with you

BULL

Look what PC Paul Ryan did with Puerto Rico...

if you steal more than comes in, run out of cash, and you are non-white, just scream racism at Paul Ryan, and the cash will flow flow flow into your pocket...

http://thehill.com/homenews/house/280982-ryan-secures-big-win-with-bipartisan-puerto-rico-deal


"Pelosi and Ryan were in frequent contact throughout the entire process, holding many phone calls and instructing their staffs to meet regularly to discuss specific provisions, such as the control board. "



Indeed, Pelosi and Ryan are almost clones of each other...

 

[danielpalos]

CA and IL are already in default but the collapse of Ocare will cause more, mostly Blue, States to go into default and have to raise taxes to increase tax flight. How bad will this get?

links or it didn't happen.

 

[Staidhup]

Shit these clowns will just raise taxes, its the only thing they know how to do, can you imagine what would happen if they cut expenses, holy shit the place would go nuts.

 

[Mac1958]

Just checked CA and IL munis. Still selling, still selling at a premium.

I wouldn't worry much.
.

 

[Wyatt earp]

The cheeto will do all he can to harm US citizens, especially if he can also take health care ins away too. And the Repubs have been trying to drive states into bankruptcy but President Obama has always fought for the little guy.

You know what's really sickening is seeing you RWNJ Pootarians hoping your fellow Americans are hurt by this truly insane prez wannabe. You really are nasty foul trash and you don't deserve what the US gives you. Be careful what you wish for cuz the cheeto will cheerfully ruin your lives too. You think you're immune but you are not.


Sent from my iPad using USMessageBoard.com

States are not allowed to file for bankruptcy otherwise Illinois would have already done it.


.

 

[Manonthestreet]

Why are Illinois Democrats preparing to bail out bankers and cash-strapped local governments? | Illinois Policy | Illinois' comeback story starts here

 

[Manonthestreet]

As part of an amendment to Senate Bill 9, filed by state Sen. Toi Hutchinson, D-Chicago Heights, a 6.25 percent sales tax would be applied to a range of services such as landscaping and internet streaming, laundry, dry cleaning, cloth pressing, dyeing or linen service, and the use of storage units.

The legislation defines “space for storage” as “rooms, units, compartments or container … where the purchaser can store and retrieve property.” This includes, outlined in the amendment:

• Self-storage and mini-storage units. This isn’t just limited to personal units: It also includes storage units in amusement parks, water parks and recreational facilities.

• Parking lots, ramps and garages

• Aircraft parking area or hanger

• Boat slip or dock Illinois lawmakers want to tax laundry, storage unit services | Illinois Policy | Illinois' comeback story starts here

Dont know how much this will raise, probably not an insignificant number considering how self storage units have sprung up like weeds. do know it wont sate the beast of an all devouring govt spiraling down the drain

 

[william the wie]

That will see a lot of tax flight our way but its getting hard to Floridate em all

 

[BluesLegend]

Michigan taught us idiot liberals will run a state right into the ground, they don't care. You have to understand, liberals are ALL about looking after #1. Its a I'm going to get mine, screw you mentality. So long as the individual liberal get's theirs, they don't really care of the state fails.

 

[william the wie]

And afterwards it will be said that no one saw this coming.

 

[Manonthestreet]

S&P warned that Illinois will likely lose its investment-grade status, an unprecedented step for a state, around July 1 if leaders haven’t agreed on a budget that chips away at the government’s chronic deficits. Moody’s followed S&P’s downgrade Thursday, citing Illinois’s underfunded pensions and the record backlog of bills that are equivalent to about 40 percent of its operating budget. S&P, Moody's Downgrade Illinois to Near Junk, Lowest Ever for a U.S. State
Here comes the pain

 

[william the wie]

California will most likely beat IL to the punch, not certain, but real likely.

 

[danielpalos]

California will most likely beat IL to the punch, not certain, but real likely.

Why should anyone take the right wing seriously about economics (or the law)?

California Makes America's Economy Great

California last year created the most jobs of any state, 483,000, more than the second- and third-most-populous states Florida and Texas combined (they added 257,900 and 175,700) and at a faster rate than any of the world's developed economies. The pace of employment growth was almost triple the rate of job creation for the 19 countries that make up the euro zone and more than 3.5 times that of Japan, according to data compiled by Bloomberg.

 

[JBond]

Those states actually make the money the US lives off.

I've heard of Cali's demise for decades . Yet there it is ! With one of the worlds biggest economies.

Do you believe they will ever fund their pension plans? I wonder why the refused to meet their obligations. Most experts say they are a Trillion dollars short.

 

[william the wie]

California will most likely beat IL to the punch, not certain, but real likely.

Why should anyone take the right wing seriously about economics (or the law)?

California Makes America's Economy Great

California last year created the most jobs of any state, 483,000, more than the second- and third-most-populous states Florida and Texas combined (they added 257,900 and 175,700) and at a faster rate than any of the world's developed economies. The pace of employment growth was almost triple the rate of job creation for the 19 countries that make up the euro zone and more than 3.5 times that of Japan, according to data compiled by Bloomberg.

Look at the proposed budget and guarantees of local and municipal junk bonds. Traditionally CA has depended on a boom bust cycle of new industries. The film industry has pretty much moved out of the state and it has become increasingly expensive to do start ups in CA.

By the way the IOUs used by Grey and the Governator were cases of technical default that will probably trigger chapter three bankruptcy when Brown tries them.

 

[Manonthestreet]

• The average career pensioner will get back his or her employee contributions after just two years in retirement. In all, pensioners’ direct employee contributions will only equal 6 percent of what they will receive in benefits over the course of their retirements.
• What’s driving Illinois’ $111 billion pension crisis | Illinois Policy

 

[william the wie]

• The average career pensioner will get back his or her employee contributions after just two years in retirement. In all, pensioners’ direct employee contributions will only equal 6 percent of what they will receive in benefits over the course of their retirements.
• What’s driving Illinois’ $111 billion pension crisis | Illinois Policy

• The average career pensioner will get back his or her employee contributions after just two years in retirement. In all, pensioners’ direct employee contributions will only equal 6 percent of what they will receive in benefits over the course of their retirements.
• What’s driving Illinois’ $111 billion pension crisis | Illinois Policy

Yeah, it is a race to the bottom by the three Major bastions of the Blue wall: NY, IL and CA; and no one knows which one will be the first admission into economic and political ICU

 

[danielpalos]

California will most likely beat IL to the punch, not certain, but real likely.

Why should anyone take the right wing seriously about economics (or the law)?

California Makes America's Economy Great

California last year created the most jobs of any state, 483,000, more than the second- and third-most-populous states Florida and Texas combined (they added 257,900 and 175,700) and at a faster rate than any of the world's developed economies. The pace of employment growth was almost triple the rate of job creation for the 19 countries that make up the euro zone and more than 3.5 times that of Japan, according to data compiled by Bloomberg.

Look at the proposed budget and guarantees of local and municipal junk bonds. Traditionally CA has depended on a boom bust cycle of new industries. The film industry has pretty much moved out of the state and it has become increasingly expensive to do start ups in CA.

By the way the IOUs used by Grey and the Governator were cases of technical default that will probably trigger chapter three bankruptcy when Brown tries them.

We legalized pot, in the mean time. We expect around a billion in revenue.

 

[g5000]

CA and IL are already in default but the collapse of Ocare will cause more, mostly Blue, States to go into default and have to raise taxes to increase tax flight. How bad will this get?

States will not go into default because of ObamaCare. They will go into default because of public employee pensions.

Connecticut is most at risk.

 

[g5000]

See the first scrollable chart on this site: State Pension Plans: Liabilities, Funded Ratios

Also, this: Does Your State Have A Pension Problem? - WSJ.com

California and New York are in much better shape than Alabama and Alaska and Louisiana and Mississippi and a lot of other red states.