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Thread: Apocalyptic Debt Crisis: 63 Of America's Largest 75 Cities Are Completely Broke

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  1. #1
    Senior Member Airbornesapper07's Avatar
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    Apocalyptic Debt Crisis: 63 Of America's Largest 75 Cities Are Completely Broke

    America's Apocalyptic Debt Crisis: 63 Of America's Largest 75 Cities Are Completely Broke




    ...elected officials “have not included the true costs of the government in their budget calculations and have pushed costs onto future taxpayers.

    Thu, 01/31/2019 - 18:50
    187 SHARES

    Authored by Mac Slavo via SHTFplan.com,

    The debt crisis in the United States of America has reached apocalyptic proportions. A new and horrifying report out details the reason why 63 of America’s largest cities are completely broke: debt and overspending.



    According to a recent analysis of the 75 most populous cities in the United States, 63 of them can’t pay their bills and the total amount of unfunded debt among them is nearly $330 billion. Most of the debt is due to unfunded retiree benefits such as pension and health care costs. That means those depending on that money, likely won’t see a dime of it.
    “This year, pension debt accounts for $189.1 billion, and other post-employment benefits (OPEB) – mainly retiree health care liabilities – totaled $139.2 billion,” the third annual “Financial State of the Cities” report produced by the Chicago-based research organization, Truth in Accounting (TIA), states. TIA is a nonprofit, politically unaffiliated organization composed of business, community, and academic leaders interested in improving government financial reporting.
    Many state and local governments are not in good shape, despite the economic and financial market recovery since 2009,” Bill Bergman, director of research at TIA, told Watchdog.org.
    The top five cities in the worst financial shape are New York City, Chicago, Philadelphia, Honolulu, and San Francisco. These cities, in addition to Dallas, Oakland, and Portland, all received “F” grades. In New York City, for example, only $4.7 billion has been set aside to fund $100.6 billion of promised retiree health care benefits. In Philadelphia, every taxpayer would have to pay $27,900 to cover the city’s debt. In San Francisco, it would cost $22,600 per taxpayer.
    By the end of Fiscal Year 2017, 63 cities did not have enough money to pay all of their bills, the report states, meaning debts outweigh revenue. In order to appear to balance budgets, TIA notes, elected officials “have not included the true costs of the government in their budget calculations and have pushed costs onto future taxpayers.”
    Hartford City News Times


    To say that more simply: your children have been sold into debt slavery and owned by the governments; both local and federal. The government is officially punishing the unborn for their inability to handle money.
    What a time to be alive…
    One major problem area TIA identifies is that city leaders are lying. (What a shock! A lying politician…) These political masters have acquired massive debts despite the balanced budget requirements imposed on them by scamming the public and enslaving them.
    “Unfortunately, some elected officials have used portions of the money that is owed to pension funds to keep taxes low and pay for politically popular programs,” TIA states.
    “This is like charging earned benefits to a credit card without having the money to pay off the debt. Instead of funding promised benefits now, they have been charged to future taxpayers. Shifting the payment of employee benefits to future taxpayers allows the budget to appear balanced, while municipal debt is increasing.”
    It’s only a matter of time until this system built on debt and theft comes crashing to the ground.


    How prepared are you?

    https://www.zerohedge.com/news/2019-...mpletely-broke
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  2. #2
    Senior Member Airbornesapper07's Avatar
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    seems to me a lot of these cities are giving free shit to Illegal Aliens which constitutes as Money Laundering and Racketeering and covered under the RICO Act


    Last edited by Airbornesapper07; 01-31-2019 at 11:05 PM.
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  3. #3
    Senior Member Beezer's Avatar
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    We need a serious intervention and stop all immigration for the next 10 years.

    Put Visa sanctions on Mexico and Central America, all these countries who are flooding across our OPEN border!

    We need to get every illegal alien and non-citizen CUT OFF the welfare and food stamps and make them self deport!

    We need to cut off ALL foreign aid by 50% this FY and another 50% the next. We need to get these countries weaned off our money.

    Get us out of these never ending TRILLION dollar wars!

    We need to deport 25 million illegals, visa overstays, TPS, refugees, asylum liars...they cannot stay here! They are crushing us and costing us billions of dollars.

    SHUT THE WHOLE BORDER DOWN...THEY HAVE NO RIGHT TO COME HERE...WE WANT IT ALL STOPPED!

    NO MORE MONEY, NO AID AND NO OATMEAL OF OUR MONEY TO THE REST OF THE WORLD!
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    TO BECOME AN AMERICAN YOU MUST CHANGE YOUR VALUES ...NOT YOUR LOCATION

    STAY HOME AND BUILD AMERICA ON YOUR SOIL

  4. #4
    Senior Member Airbornesapper07's Avatar
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    AND WHOLE CITIES; THEY FLATTEN THEM with PSYCHO POLICIES

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  5. #5
    Senior Member Judy's Avatar
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    Quote Originally Posted by Airbornesapper07 View Post
    AND WHOLE CITIES; THEY FLATTEN THEM with PSYCHO POLICIES

    Preach it Brother Dan!! Preach it!!
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    A Nation Without Borders Is Not A Nation - Ronald Reagan
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  6. #6
    Senior Member Airbornesapper07's Avatar
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    This is what happens when you "tax the rich"...
    The rich move away and then there's no one left to fund your socialist policies and giveaways for the illegals!!
    #Socialism
    #TaxTheRich
    https://nypost.com/…/cuomo-announces-income-tax-revenues-h…/





    nypost.com

    Cuomo announces income tax revenues have dropped by $2.3B
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    Senior Member Airbornesapper07's Avatar
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    NY Governor Cuomo Says $2 Billion Budget Shortfall is “Serious as a Heart Attack”

    Posted by Kemberlee Kaye
    Tuesday, February 5, 2019 at 5:00pm
    “Tax the rich. Tax the rich. Tax the rich. We did that. God forbid the rich leave.” – Gov. Cuomo



    The state of New York is facing a $2.3 billion shortfall — that’s billion with a B, heading into the new fiscal year.

    “This is the most serious revenue shock the state has faced in many years,” said the state’s comptroller. The news imperils Cuomo’s budget which was introduced not 3 weeks ago.
    Live footage from the Governor’s office:



    The Buffalo News has more:
    Calling the situation “as serious as a heart attack,” the Democratic governor said revenues are $2.3 billion below projections for the fiscal year that ends March 31. That is on top of a $500 million revenue dip from personal income taxes that the Cuomo administration recently projected when it put together a budget plan last month.
    Whether the situation continues or improves is unknown, as is how the Cuomo administration will deal with the gloomy tax receipts in both the current and next fiscal years.
    The timing of the announcement at the Capitol was not accidental. Lawmakers, who traditionally want to spend more than governors, are getting down to the nitty-gritty work of coming up with some budget alternatives – including more money for public schools – to Cuomo’s plan. It comes before a final “cash report” on January’s spending and tax revenues is complete, but Cuomo aides get daily numbers from the tax department on receipts.
    State Comptroller Thomas DiNapoli, a former member of the Assembly who sat next to Cuomo in the ceremonial Red Room of the Capitol, said lawmakers need to be aware of the unfolding fiscal situation.
    “This is the most serious revenue shock the state has faced in many years,” DiNapoli said, before quickly adding that the situation could improve in the coming months.
    The culprit? Not enough revenue from state income taxes. BN ctd:
    Cuomo said the super-wealthy in New York – accounting for 1 percent of tax filers – end up paying 46 percent of the personal income taxes the state collects each year.
    “Tax the rich. Tax the rich. Tax the rich. We did that. God forbid the rich leave,” Cuomo said of a mobile group of people who can more easily switch residences to states with lower state and local tax levels.
    Cuomo declined to say what spending might have to be trimmed to accommodate the lower tax revenue numbers, but he noted that education and health care are, by far, the two largest areas of the state budget.
    …Cuomo has railed for a year about President Trump’s tax program that blue-state governors say was politically written to help high-income taxpayers in Democratic states pay for tax cuts of people living in lower-tax, Republican states.
    “There’s definitely a change in behavior by high-income individuals,” said Robert Mujica, Cuomo’s budget director, of estimated personal tax payments that did not materialize in December and January.
    In that two-month period, Mujica’s office had projected estimated personal tax payments would total $6.2 billion. They came in, instead, at $3.9 billion. Such estimate tax payments, unlike withholding taxes on a worker’s paychecks, often represent non-wage income. Officials say other high-tax states whose high-income residents will feel the effects of the new federal tax law also are experiencing state personal income tax revenue declines.

    https://legalinsurrection.com/2019/0...edium=facebook

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  8. #8
    Senior Member Airbornesapper07's Avatar
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    Senior Member Airbornesapper07's Avatar
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    NJ Voters Furious As Governor Murphy Prepares To Sign 'Rain Tax' Into Law



    "Every time you think there’s nothing left to tax, we come up with something else..."

    Sun, 02/10/2019 - 19:30
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    Just when frustrated residents of New Jersey, one of the most heavily taxed states in the US, thought Democratic Gov. Phil Murphy had already brought the state into the ninth circle of taxation hell with new taxes to save the state's ailing pension system, middle class voters in one of the least affordable states in the country have now been given one more thing to complain about: A tax on the rain.
    After a bill authorizing the new local taxes was passed by the state late last month, Murphy is preparing to sign it into law, over the objections of the state's Republicans, according to the New York Post.



    Gov. Phil Murphy

    As one state lawmaker told the post, just when NJ residents thought the state had already laid claim to every revenue stream imaginable, Democrats have found one more thing to tax.
    "Every time you think there’s nothing left to tax, we come up with something else," Assemblyman Hal Wirths (R-Morris-Sussex) exploded during a debate on the measure.
    “It’s just never-ending down here.”
    15 people are talking about this

    28 people are talking about this

    See Matt sled's other Tweets

    20 people are talking about this

    And voters are understandably furious.
    The 'rain tax', which is largely supported by Democrats and largely opposed by Republicans, would allow towns, counties and local authorities to set up their own storm water utilities. These newly created arms of local bureaucracy would be empowered to charge property owners a fee based on the amount of non-permeable surface they own (think: parking lots and driveways). The logic behind this is that non-permeable surfaces create runoff when it rains, and that runoff gets polluted as it travels from these surfaces into local sewers, and then on to the state's water ways. The revenue generated by these taxes would be used to upgrade the state's storm water systems, and save the state's already polluted waters from further pollution (though the state would step in and scoop up 5% of all revenues).
    The EPA, according to an op-ed published by North Jersey.com, has estimated that a complete overhaul of NJ's stormwater systems would cost $15.6 billion.
    But unfortunately for Democrats, while taxing the rich might be in vogue among 2020 presidential contenders (because focus groups have suggested that raising taxes on other people remains a politically popular position), very few middle-class voters in a state that is already one of the most heavily taxed in the country want another massive tax levied on their driveway.
    To illustrate just how politically radioactive the rain tax has become, it's worth a look back at Maryland Gov. Larry Hogan's upset victory in the state's 2014 gubernatorial race. In a scenario that might sound familiar to many of our readers, Hogan was believed to be so far behind Democratic Lt. Gov. Anthony Brown that media didn't even bother to conduct exit polling on election day.
    But when Hogan unexpected came from behind and clinched the governor's mansion, stunned pundits started casting about for an explanation. And through a hodge-podge of anecdotal reports, they settled on the rain tax, which Hogan had vociferously campaigned against (Maryland passed the law in 2012, two years before the election).
    The rain tax was so hated by Maryland voters, that it effectively ceded control of the governor's mansion in a deep-blue state to a Republican.
    Maybe Gov. Murphy is already setting himself up for a similar upset during the state's next gubernatorial election in 2021.






    https://www.zerohedge.com/news/2019-...n-rain-tax-law
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  10. #10
    Senior Member Airbornesapper07's Avatar
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    Chicago is 32.5 billion in debt!
    Solution: give everyone $1,000 a month 🤔🤔🤔
    #dumbdemocrats
    #liberallunacy

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