3 lib cities headed for bankrupcy. NY, LA, Chicago: Well I guess you get what you v**e for. http://money.msn.com/investing/post--3-huge-cities-flirting-with-bankruptcy "New York City...

Patty

Well I guess you get what you v**e for.

http://money.msn.com/investing/post--3-huge-cities-flirting-with-bankruptcy

"New York City
When adjusted for population, New York owes $20 billion more for retiree health care than Detroit, or a total of $88.2 billion.
On top of those obligations, the Big Apple owed pensioners $69.9 billion more than it set aside as of last year's annual report. Again, adjusted for population, that's $28 billion more than Detroit owes.
One of the reasons New York City can't balance its annual budget is because it has to spend one-third of its revenues on health, retirement benefits, and debt. New York's budget has run an operating deficit six of the past seven years (with the shortfalls covered by pre-2008 surpluses).

Chicago
The Windy City may be closer to bankruptcy than New York. Fitch Ratings recently downgraded the city three notches because of pension liabilities for its 30,000 retired workers and a struggling economy.
Makes perfect sense when you consider that Chicago's four pension systems -- for police, firefighters, laborers and municipal workers -- were short by $19.5 billion at the end of 2012. That does not include the ailing pension fund for Chicago teachers, which had its own $8 billion shortfall at the end of the last fiscal year.
The option to raise property taxes to cover the annual required pension contribution is simply out of the question considering homeowners would be looking at a 35 percent tax increase.
Next year, Chicago must come up with a state-mandated $590 million increase in its contribution to police and fire pension funds, so its going to get worse before it gets better.

Los Angeles
When former Los Angeles Mayor Richard Riordan gazed into his crystal ball in 2010, he told the Wall Street Journal, "Los Angeles is facing a terminal fiscal crisis: Between now and 2014 the city will likely declare bankruptcy."
The tremendous growth in payouts for retirement benefits over the years certainly lends merit to his prophecy. According to Stanford Institute for Economic Policy Research, pension costs in L.A. increased from 8.5 percent of total city expenditures in 1999 to 15.4 percent for fiscal 2012.
Stanford's study also estimated that each of the city's three independent pension funds is unfunded by billions of dollars: the city of Los Angeles Fire and Police Pension System is $9.25 billion unfunded; the Los Angeles City Employees Retirement System is $11.32 billion unfunded; and the city of Los Angeles Water and Power Employees Retirement System is $6.59 billion unfunded".

PoppaGringo Loc: Muslim City, Mexifornia, B.R.

Patty wrote:

Well I guess you get what you v**e for.

http://money.msn.com/investing/post--3-huge-cities-flirting-with-bankruptcy

"New York City
When adjusted for population, New York owes $20 billion more for retiree health care than Detroit, or a total of $88.2 billion.
On top of those obligations, the Big Apple owed pensioners $69.9 billion more than it set aside as of last year's annual report. Again, adjusted for population, that's $28 billion more than Detroit owes.
One of the reasons New York City can't balance its annual budget is because it has to spend one-third of its revenues on health, retirement benefits, and debt. New York's budget has run an operating deficit six of the past seven years (with the shortfalls covered by pre-2008 surpluses).

Chicago
The Windy City may be closer to bankruptcy than New York. Fitch Ratings recently downgraded the city three notches because of pension liabilities for its 30,000 retired workers and a struggling economy.
Makes perfect sense when you consider that Chicago's four pension systems -- for police, firefighters, laborers and municipal workers -- were short by $19.5 billion at the end of 2012. That does not include the ailing pension fund for Chicago teachers, which had its own $8 billion shortfall at the end of the last fiscal year.
The option to raise property taxes to cover the annual required pension contribution is simply out of the question considering homeowners would be looking at a 35 percent tax increase.
Next year, Chicago must come up with a state-mandated $590 million increase in its contribution to police and fire pension funds, so its going to get worse before it gets better.

Los Angeles
When former Los Angeles Mayor Richard Riordan gazed into his crystal ball in 2010, he told the Wall Street Journal, "Los Angeles is facing a terminal fiscal crisis: Between now and 2014 the city will likely declare bankruptcy."
The tremendous growth in payouts for retirement benefits over the years certainly lends merit to his prophecy. According to Stanford Institute for Economic Policy Research, pension costs in L.A. increased from 8.5 percent of total city expenditures in 1999 to 15.4 percent for fiscal 2012.
Stanford's study also estimated that each of the city's three independent pension funds is unfunded by billions of dollars: the city of Los Angeles Fire and Police Pension System is $9.25 billion unfunded; the Los Angeles City Employees Retirement System is $11.32 billion unfunded; and the city of Los Angeles Water and Power Employees Retirement System is $6.59 billion unfunded".

Well I guess you get what you v**e for. br br htt... (show quote)

It can't happen soon enough. Other cities will fail, and if something isn't done in D.C., the Country will fail, following the USSR in '91.

Patty

Old_Gringo wrote:

It can't happen soon enough. Other cities will fail, and if something isn't done in D.C., the Country will fail, following the USSR in '91.

It is happening really fast. Look how much the dollar dropped just yesterday and this morning.
Im going to go do some stocking up on some things today before this dollar drop hits the store shelves.

PoppaGringo Loc: Muslim City, Mexifornia, B.R.

Patty wrote:

It is happening really fast. Look how much the dollar dropped just yesterday and this morning.
Im going to go do some stocking up on some things today before this dollar drop hits the store shelves.

That is very wise. I think I shall join you, figuratively speaking of course.

Patty

I think it is smart the dollar just took another dive a little while ago.

PoppaGringo Loc: Muslim City, Mexifornia, B.R.

Patty wrote:

I think it is smart the dollar just took another dive a little while ago.

Hijo lé. Esta es muy malo.

Holy moly. That is very bad.

Freedomfighter

Where are all the liberals? How come they are not all over this page defending their King? Why are all the conservative cities financially sound? Maybe because these liberal cities are following Detroit(another liberal failure). Iam sure Philly is not far behind. This is what the United States will look like if Obama's policies are allowed to continue.

PoppaGringo Loc: Muslim City, Mexifornia, B.R.

Freedomfighter wrote:

Where are all the liberals? How come they are not all over this page defending their King? Why are all the conservative cities financially sound? Maybe because these liberal cities are following Detroit(another liberal failure). Iam sure Philly is not far behind. This is what the United States will look like if Obama's policies are allowed to continue.

There are a plethora of cities in dire straits, and some states, with Taxifornia leading the pack.

Loki Loc: Georgia

Old_Gringo wrote:

Hijo lé. Esta es muy malo.

Holy moly. That is very bad.

In about 10 minutes, the European jobs report will come out. The Euro will almost certainly go down; so will the dollar, it remains to be seen which one falls farthest. There is going to be chaos in Europe starting about right now. It may straighten out over the weekend or not.

PoppaGringo Loc: Muslim City, Mexifornia, B.R.

banjojack wrote:

In about 10 minutes, the European jobs report will come out. The Euro will almost certainly go down; so will the dollar, it remains to be seen which one falls farthest. There is going to be chaos in Europe starting about right now. It may straighten out over the weekend or not.

I have never understood why the Euro is worth more than the dollar, inasmuch as the dollar is the international currency.

Dummy Boy Loc: Michigan

Patty wrote:

Well I guess you get what you v**e for.

http://money.msn.com/investing/post--3-huge-cities-flirting-with-bankruptcy

"New York City
When adjusted for population, New York owes $20 billion more for retiree health care than Detroit, or a total of $88.2 billion.
On top of those obligations, the Big Apple owed pensioners $69.9 billion more than it set aside as of last year's annual report. Again, adjusted for population, that's $28 billion more than Detroit owes.
One of the reasons New York City can't balance its annual budget is because it has to spend one-third of its revenues on health, retirement benefits, and debt. New York's budget has run an operating deficit six of the past seven years (with the shortfalls covered by pre-2008 surpluses).

Chicago
The Windy City may be closer to bankruptcy than New York. Fitch Ratings recently downgraded the city three notches because of pension liabilities for its 30,000 retired workers and a struggling economy.
Makes perfect sense when you consider that Chicago's four pension systems -- for police, firefighters, laborers and municipal workers -- were short by $19.5 billion at the end of 2012. That does not include the ailing pension fund for Chicago teachers, which had its own $8 billion shortfall at the end of the last fiscal year.
The option to raise property taxes to cover the annual required pension contribution is simply out of the question considering homeowners would be looking at a 35 percent tax increase.
Next year, Chicago must come up with a state-mandated $590 million increase in its contribution to police and fire pension funds, so its going to get worse before it gets better.

Los Angeles
When former Los Angeles Mayor Richard Riordan gazed into his crystal ball in 2010, he told the Wall Street Journal, "Los Angeles is facing a terminal fiscal crisis: Between now and 2014 the city will likely declare bankruptcy."
The tremendous growth in payouts for retirement benefits over the years certainly lends merit to his prophecy. According to Stanford Institute for Economic Policy Research, pension costs in L.A. increased from 8.5 percent of total city expenditures in 1999 to 15.4 percent for fiscal 2012.
Stanford's study also estimated that each of the city's three independent pension funds is unfunded by billions of dollars: the city of Los Angeles Fire and Police Pension System is $9.25 billion unfunded; the Los Angeles City Employees Retirement System is $11.32 billion unfunded; and the city of Los Angeles Water and Power Employees Retirement System is $6.59 billion unfunded".

Well I guess you get what you v**e for. br br htt... (show quote)

Nashville, Birmingham and Philadelphia too...

In fact it is likely that many, many more cities are going to start financially crumbling. What these cities need is more tax revenue....and that ain't comin' any time soon.

pixie

Freedomfighter wrote:

Where are all the liberals? How come they are not all over this page defending their King? Why are all the conservative cities financially sound? Maybe because these liberal cities are following Detroit(another liberal failure). Iam sure Philly is not far behind. This is what the United States will look like if Obama's policies are allowed to continue.

exactly!!!..... :thumbup: :thumbup: :thumbup:

Wolf counselor Loc: Heart of Texas

But how much longer will the dollar remain the reserve currency ? China has every intention to replace it. And while our attention is focused on our other enemies and as we fight amongst ourselves, they continue to make progress with their efforts. When it happens. Then will come a time of sorrow in the good ol' U. S. A.

Old_Gringo wrote:

I have never understood why the Euro is worth more than the dollar, inasmuch as the dollar is the international currency.

pappadeux Loc: Phoenix AZ

The old adage " the party never ends and the road goes on forever" When will progressive and Black leaders to include our so called 'president' Learn from each others mistakes. They make you think of the recent true story of the rich drunk who in his drunk stupper lost 15 million at the casino of which he is suing. Lucky for these political clowns they have the tax payers to pay for their stupity. Want to see what the USA will look like after Obozo leaves office. The following is a cartoon( one of many ) I made in honor of Det-r**t .

Tasine Loc: Southwest US

Patty wrote:

Well I guess you get what you v**e for.

http://money.msn.com/investing/post--3-huge-cities-flirting-with-bankruptcy

"New York City
When adjusted for population, New York owes $20 billion more for retiree health care than Detroit, or a total of $88.2 billion.
On top of those obligations, the Big Apple owed pensioners $69.9 billion more than it set aside as of last year's annual report. Again, adjusted for population, that's $28 billion more than Detroit owes.
One of the reasons New York City can't balance its annual budget is because it has to spend one-third of its revenues on health, retirement benefits, and debt. New York's budget has run an operating deficit six of the past seven years (with the shortfalls covered by pre-2008 surpluses).

Chicago
The Windy City may be closer to bankruptcy than New York. Fitch Ratings recently downgraded the city three notches because of pension liabilities for its 30,000 retired workers and a struggling economy.
Makes perfect sense when you consider that Chicago's four pension systems -- for police, firefighters, laborers and municipal workers -- were short by $19.5 billion at the end of 2012. That does not include the ailing pension fund for Chicago teachers, which had its own $8 billion shortfall at the end of the last fiscal year.
The option to raise property taxes to cover the annual required pension contribution is simply out of the question considering homeowners would be looking at a 35 percent tax increase.
Next year, Chicago must come up with a state-mandated $590 million increase in its contribution to police and fire pension funds, so its going to get worse before it gets better.

Los Angeles
When former Los Angeles Mayor Richard Riordan gazed into his crystal ball in 2010, he told the Wall Street Journal, "Los Angeles is facing a terminal fiscal crisis: Between now and 2014 the city will likely declare bankruptcy."
The tremendous growth in payouts for retirement benefits over the years certainly lends merit to his prophecy. According to Stanford Institute for Economic Policy Research, pension costs in L.A. increased from 8.5 percent of total city expenditures in 1999 to 15.4 percent for fiscal 2012.
Stanford's study also estimated that each of the city's three independent pension funds is unfunded by billions of dollars: the city of Los Angeles Fire and Police Pension System is $9.25 billion unfunded; the Los Angeles City Employees Retirement System is $11.32 billion unfunded; and the city of Los Angeles Water and Power Employees Retirement System is $6.59 billion unfunded".

Well I guess you get what you v**e for. br br htt... (show quote)

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Good post! And it couldn't happen to more deserving citizens!

:lol: :lol: :lol: :lol: :lol: :lol: :lol: