California, New York and other states are showing many of the same signs of debt overload that recently took Greece to the brink -- budgets that will not balance, accounting that masks debt, the use of derivatives to plug holes, and armies of retired public workers who are counting on benefits that are proving harder and harder to pay.
And states are responding in sometimes desperate ways, raising concerns that they, too, could face a debt crisis.
New Hampshire was recently ordered by its State Supreme Court to put back $110 million that it took from a medical malpractice insurance pool to balance its budget. Colorado tried, so far unsuccessfully, to grab a $500 million surplus from Pinnacol Assurance, a state workers' compensation insurer that was privatized in 2002. It wanted the money for its university system and seems likely to get a lesser amount, perhaps $200 million.
Connecticut has tried to issue its own accounting rules. Hawaii has inaugurated a four-day school week. California accelerated its corporate income tax this year, making companies pay 70 percent of their 2010 taxes by June 15. And many states have balanced their budgets with federal health care dollars that Congress has not yet appropriated.
Some economists fear the states have a potentially bigger problem than their recession-induced budget woes. If investors become reluctant to buy the states' debt, the result could be a credit squeeze, not entirely different from the financial strains in Europe, where markets were reluctant to refinance billions in Greek debt.
More Here..
Worst Yet To Come For California Budget Crisis
More Here..
States can't print more money. They will rip the state employees as much as possible then they will try to start imposing more grabs as they become desperate.
ReplyDeleteGovernment workers are paid on average 30% more than their private sector counterparts. The facts suck but the bottom line is either reduce force numbers or reduce the rate they are paid. I would tell them when we had the money we paid you. We no longer have the money. Reality sucks. Declaure a fiscal emergancy and cut everyone's pay across the board.
ReplyDeleteMore and more people will be getting $300 traffic citations for driving 58 in a 55. Not kidding.
ReplyDeleteSoon there will be searches of safety deposit boxes.
ReplyDeleteCalifornia Dreamin'
ReplyDeleteStopped into a church;
I found along the way;
Well i got down on my knees;
and I began to pray
They had better start -
$110 million.
ReplyDeleteYou don't suppose something bad might happen to the state supreme court , do you?
I live in California. I have not had a job for 1.5 years. Hey Arnold, there are no jobs in California!
ReplyDeleteNaturally the burrito breath mayor of Los Angeles is pushing for as much as a 28% increase in water and power.
I might me a bit more compassionate if I heard that thousands of State employees have been fired, but oh no! not one state worker, not one worthless cubicle worker, who plays video games on his/her state owned PC all day long... not one has been fired! They all whimper and whine about how their lives would be ruined if they lost their jobs.
Hey worthless cubicle workers, everything I have worked for is gone. I can't believe I've been seriously looking at tents, to see what company makes the best, most durable tent, because that's where me and my family may very well end up in not too distant future.
Please go fuck yourself! Arnold, grow some balls and tell your worthless state employees they are no longer needed. It's only right that we all suffer together.
I am a state worker in CA and we work hard(ly) for our $$$, dick the dog all day long, so yes 5:49 you would be correct. I hold down a chair all day long taking calls from folks who think the water bill is high.
ReplyDeleteWho the hell else will do my job? You people don't realize that some of these jobs are so mundane that they HAVE to pay us big bucks due to the fact NO ONE wants them
6:12 There are people in India that will do your job for half the pay. Your pink slip is just a few months away.
ReplyDeleteWhen the Oligarch bankers control all the media it is hard for the people that are brave enough to peacefully protest (and get the foot across the face for their trouble) to make a difference.
ReplyDeleteThe media immediately portrays them as kooks and nutcases. People underestimate the power that the Oligarchs have at this point in history.
A complete lock down on all fronts. The sheeple 98% walked in lockstep apathy toward their own Orwellian 1984.
The repeated message is government is good and your fellow man is evil and depraved. Keep an eye on him and report any suspicious activity.
The fraudulent war on terror has always been about making anyone that dare step out of the box the terrorist. Conform, take it, shut up or else.
The real heroes are the ones that have the bravery to speak out and to stand up against the coming tyranny and martial law. Unfortunately, due to the banker's controlled lockdown of TV/radio and soon, the net, the 98% can't see that as fact.
It is in our DNA to follow and trust authority, but unfortunately in our case that is the ant trusting the ant eater.
@6:12...take your pension and go play in another state..Taxifornia is Done...You are the problem with this worthless state
ReplyDeleteThe Clandestine militarized Empire of wage slaves is going to transform into a full-on savage Empire of slaves ruled by an iron fist.
ReplyDeleteWe are slaves now, but don't know it. In the future there will be no doubt who the master and who is the slave. The Empire won't be striking back, it will be striking first.
It is all about doing whatever you can to take care of yourself. This country/corporation is not worth trying to save. It has transformed into the Fourth Reich. The world will be better off when it is gone as an entity.
ReplyDeleteAmericans will get a first hand look at how the Russians were treated under Stalin.
ReplyDeleteBTW, in a recent poll in Russia, Stalin was held up as a national hero. He did what was necessary. Starve, enslave the people so the state could progress. That is what will happen here in the USSA.
Make no mistake about it.
ReplyDeleteWe all guess here about when things will collapse and go into the sewer. Will it be next month, or in ten years?
The day has already been selected. The exact chain of events planned out in detail.
The robbery and open enslavement of the American people has been plotted the way a professional bank robber plots a job.
The difference is these robbers not only have all the firepower, but they also own the bank and have instructed the employees to open the vault, don't push the alarm button, and lay down. The looting won't even be noticed until the bank is closed down the next day.
There is nothing in our DNA that makes us trust or want to follow 'authority' a mindless construct of unenlightened people.
ReplyDeleteAuthority is try to hold your breath till your dead, you can't. That's your authority, people.
Freud would disagree. The sheeple are very controllable based on catering to their fears, desires, and need to please authority figures.
ReplyDeleteWatch the Century of Self videos on Google. It explains how our corporate-driven government uses psychology as a weapon.
The sheep of course are oblivious to all of this and believe we are 'free' and all the associated nonsense that comes along with a fake economy, fake religions, fake banking, fake boobs.
What would Freud know? Except Psycho - babble psychology.
ReplyDeleteHe was a pedlar of dream interpretation in the Moses tradition. Only the dream and the unconscious was real for Freud . Everybody primarily motivated by an urge to either screw their mother of kill their ather! Psycho- babble dressed up a psychological analysis of humans and their real life motives..
As for Authority , organised people in fighting for change or class struggle throw up their own trusted leaders based on their experience in that struggle this is expressed in the saying “come the time cometh the man” .
Were the Americans in their war for independence stopped by a respect for the authority of the king?
To the contrary the king was called “ Mad” king George and his authority treated with contempt.
Peoples conditioned ideological illusions change when they perceive that the social reality doesn’t any longer mesh with, or fit with, the old ideological illusions and religious ideologies and then the old outdated ideologies are brushed aside and treated as so much nonsense, something to laugh at..
The americans with very little experience in fighting for change were presented with a leader in the last election who promised not to bring real change but to restore the old american conditions .
This is economicaly impossible and so the “I am change “ leader acts exactly like the authoritarian “I am the decider” last monarch of the status quo.
It's all by design. The dumbed down idiotic mind controlled TV addicted sheeple have no clue. The bankrupt states will never lay off anyone until they absolutely have to, the BANKRUPT states will cut services, release prisoners, fill in the blank... This way, the sheeple will see how horrible it is and agree to pay higher taxes, higher fees.
ReplyDeleteThe sheeple will say "PLEASE DO NOT RELEASE MORE PRISONERS" or "PLEASE DON'T CUT ANY MORE SERVICES, WE HAVE TO HAVE OUR SNOW PLOWED SO WE CAN GO SKIING" and finally the sheeple will say "PLEASE RAISE OUR TAXES, PLEASE DON'T CUT ANY MORE SERVICES!".
Figured it out yet? You better get it and get it now.
We are in deep deep trouble and things will continue to deteriorate, and the controllers will continue to inflict pain to the sheeple, remember, it's all by design.
We are nothing more than a science experience for the pleasure of the Oligarchs. Insects.
ReplyDeleteIt sure is a pretty day here in Missouri. You can't beat good ole sunshine to brighten your day.
ReplyDelete9:31-I think you got it right!
ReplyDeleteAh, its all a devious plan to... RAISE TAXES! It's a good thing we have this design covered by the right.
ReplyDeleteFar be it from any government to actually bankrupt or fail of its own accord. Im glad the "smart people" understand what is really up.