Monday, March 1, 2010

Barack Obama's Home State Near the Point of Fiscal Disintegration

Barack Obama's home state of Illinois is near the point of fiscal disintegration. "The state is in utter crisis," said Representative Suzie Bassi. "We are next to bankruptcy. We have a $13bn hole in a $28bn budget."

The state has been paying bills with unfunded vouchers since October. A fifth of buses have stopped. Libraries, owed $400m (£263m), are closing one day a week. Schools are owed $725m. Unable to pay teachers, they are preparing mass lay-offs. "It's a catastrophe", said the Schools Superintedent.
In Alexander County, the sheriff's patrol cars have been repossessed; three-quarters of his officers are laid off; the local prison has refused to take county inmates until debts are paid.
Florida, Arizona, Michigan, New Jersey, Pennsylvania and New York are all facing crises. California has cut teachers salaries by 5pc, and imposed a 5pc levy on pension fees.
The Economic Policy Institute says states face a shortfall of $156bn in fiscal 2010. Most are banned by law from running deficits, so they must retrench. Washington has provided $68bn in federal aid, but that depletes the Obama stimulus package.
This is not to pick on America. Belt-tightening is the oppressive fact of 2010-2012 for half the world. Hungary, Ukraine, the Baltics and the Balkans are already under the knife. Latvia's economy may contract by 30pc from peak to trough as it carries out an "internal devaluation", ie wage cuts, to hold its euro peg.
California Demands Income Tax Payments In Advance
More Here

21 comments:

  1. This is rich. Now Mr. Obama can do similar work on the entire United States!

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  2. Yup, things are going down fast, yet the sheep think we are in a recovery. This is just the start of the COMING DEPRESSION. Wait till the dollar collapses and is devalued, coming soon to your neighborhood.

    Yet the US is spending $1 trillion (of fake money) a year to kill innocent people, innocent brown skinned Muslims, cause they hate us for our freedom. Ha Ha Ha, how long will the sheep buy this story? Me thinks "for ever".

    Still think the stories on this site are conspiracy theories? If so, go back to watching your TV, and enjoy your servitude.

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  3. Well Obummer didn't lie he brought change alright.
    Soon everyone will be begging for spare change.

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  4. Prepare!

    Prepare!

    Run for the hills!

    Run for the hills!

    (this is not a test. This is an actual emergency!)

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  5. Actually the number is closer to 100 billion. They keep forgetting to mention the pension debt - that is about 80 billion. No talk of addressing that - the only talk about the 12 billion.

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  6. The only way I see it is to reduce the pay of every state and government employee to the Federal Minimum Wage and keep it there till the country recovers. Believe me after being unemployed for 2 years, if my former employer offered me a pay cut instead of a job cut, you would have heard no argument from me.

    A solution like this is so simple. Tell the Unions to F-Off and be done with it. I recently read the story of some Deputies (in LA County or Orange County, don't recall) that were pulling in nearly $200,000 a year, by working 20 hours a day and drowning in Over Time pay. This is completely insane!

    This entitlement crap has got to go. Even Mayor burrito breath of Los Angeles has said if every city employee takes a 5% pay cut, the city could survive and the employees are refusing!

    Let's see... 5% less or risk losing your job forever

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  7. Chicago and the state of Illinois is so corrupt politically I don't think we should do anything to help. The thieves they habitually elect will just figure out ways to line there own pockets.

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  8. The double dip will hit starting the 2Q of 2010 as this has been shown to be almost guaranteed then a while after wards they will have to admit depression has arrived and it will stay for at least 10 years.

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  9. California and Illinois are out of control.

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  10. To: Chicken Little

    The sky has already fallen, it happened in Sept/Oct 2008! The roof of the house is being held up by a pile of inflated money and the big banks, the Fed and the US Govt continue to steal everything the sheep have. We are being slaughtered one at a time and soon one state at a time, until the inflated bubble pops.

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  11. Dear sheepdog51,

    Yes. I personally count from July 14th, 2007, the day Bear Stearns 'admitted they had a problem with a hedge fund', the firs to two big ones they had that went bust.

    I have that day marked in my book because I knew that day that the end had been called. The following years would be the slow domino effect which is right now taking out Dubia and Greece and soon Portugal, Ireland, and Spain.

    Then comes the UK probably.

    I figure after that, America joins the club.

    Default.

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  12. Yeah, thats the key. While we are at it reduce all middle american wages to the minimum wage, but keep the CEO wages and bonuses increasing. Down with the unions, and while we're at it bring the work week back up to 80-90 hrs a week, or 12 hours a day mandatory. Put children back to work as well. This is the vision towards victory.

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  13. The highest intellect man is capable of insists upon a religious explanation of the universe, one in which the individual person is directly involved and the sentience that created the universe is an addresable person.

    Studies showing athiesm and liberalism linked to the highest IQ's fail to register the very highest IQ's, which ignore IQ in general in relation to the question of the status of sentient being hood.

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  14. Bullshit trys to baffle brainsMarch 2, 2010 at 12:02 AM

    5.22 wtf???????????? You need a life bud.who the **** are you trying to impress yourself .....give me a break.Speaking of IQ after reading your discourse Id reckon yours to be 3 above a tree!

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  15. 3 above a tree ain't bad when it's YOUR tree we're talking about here buddy.
    It's not your fault you can't see the forest for the trees.

    :)

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  16. If you Americans don't end up destroying your country with a useless, counterproductive civil war, you'll be able to knock the Chinese and Europeans off their pedestals with a new currency and competitive wages. Also, in time, wages will rise, as they always do, in developing economies.

    Unlike China, America has the gift of innovation,

    Therefore, think of the unfolding economic implosion as a reset for currency, real estate and other asset classes. In other words, it's not all doom and gloom, if the country doesn't lose focus and direction.

    Where there's a will, there's always a way.

    If your community has no work, move. If you lack skills, educate yourself. If there are few jobs, hire yourself and provide a skill or product that people cannot and will not do without.

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  17. 3:13 AM you're the ultimate ass kissing,
    boot licking drone NWO zombie.
    "If your community has no work, move. If you lack skills, educate yourself. If there are few jobs, hire yourself and provide a skill or product that people cannot and will not do without"

    Ya right after the screw over we're supposed to blame ourselves for living in the the wrong place at the wrong time or gee... we're just not smart enough! Get a grip. Pull your head out from Obamas butt and look around.

    The cupboard's bare it's been raided by your hero. America is finished and now you expect people to fall on their own swords like it's their fault.

    Keep pushin that pencil lackie...
    See you in the FEMA camp

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  18. MEMO TO AMERICA

    You are the Victims
    not the Perpetrators.

    Never lose sight of that!

    This nightmare was orchestrated by your leadership. Stop pointing the finger at one another.

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  19. It's a beautiful in the FEMA camp.

    I snitched on 2 family members today and they gave me an extra blanket!!!

    What a beautiful day in the FEMA camp...
    Won't you be my neighbor!

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  20. you think this is why IL is one of only 2 states that do NOT allow for concealed carry? or even let people own a gun in Chichago?

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  21. Lighten up America
    Tazering's just another form of break dancing!
    You'll have the moves down in no time.

    ReplyDelete

Everyone is encouraged to participate with civilized comments.