October 30, 2013
The Ten US Cities With Less Than Ten Days Of Cash On Hand
As the Detroit bankruptcy hearing heats up following news that the city’s unsecured creditors, among them pensioners, are set to recover pennies on the dollar, 16 to be precise, the question of which are the next cities to follow in the footsteps of bankrupt Motown, becomes relevant once again.
Courtesy of the WSJ, and the second part of its series on “U.S. Cities Grapple With Finances“, here is a list of the US cities that when push comes to shove metaphorically, and when the money runs out literally, will have no choice but to knock on the door of the local regional bankruptcy court and submit that long-prepared bankruptcy petition.
Specifically, here are the cities that have 10 days or less in cash on hand available. Because, unless one is the Fed, cash and lack thereof is all that matters.
October 30, 2013
Liberal promises being made were never designed to be kept … A face to Detroit’s bankruptcy: Paralyzed firefighter to lose health benefits
This is a precautionary tale for New York and their next socialist mayor … And make no mistake that is exactly what he is … It’s a sad tale, and you cannot blame the victim.
September 27, 2013
White House to Send Millions to Detroit, So Obama knows there is no way Congress is going to go along with this crony bailout, so what to do, just forget Congress do it anyway he can …
According to the AP story:
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September 26, 2013
Culture of corruption, Detroit style …::: Undisclosed Pension Extras Cost Detroit Billions.
“Detroit’s municipal pension fund made undisclosed payments for decades to retirees, active workers and others above and beyond normal benefits, costing the struggling city billions of dollars, according to an outside actuary hired to examine the payments. . . . Detroit has nearly 12,000 retired general workers, who last year received pensions of $19,213 a year on average— hardly enough to drive a great American city into bankruptcy. But the total excess payments in some years ran to more than $100 million, a crushing expense for a city in steep decline. In some years, the outside actuary found, Detroit poured more than twice the amount into the pension fund that it would have had to contribute had it only paid the specified pension benefits. And even then, the city’s contributions were not enough.”
Want to know why Detroit is bankrupt, ask their liberal rulers… Corrupt to the core.
Payoffs for votes, the Democrat way. Democrats maintained control of Detroit by buying votes, just what Obomba is doing right now with America.
September 24, 2013
Anarchy In Detroit.
When liberals run your city into the ground.
September 19, 2013
The answers may surprise you – and don’t blame Coleman Young
How Detroit Went Bankrupt
The story of Detroit’s decline has been told and retold so many times now that you’d be forgiven for assuming there’s nothing more to say. But the Detroit Free Press has put together a new, comprehensive financial history of the city from 1950 to the present, gleaned from tens of thousands of pages of archival data on the city’s finances. It provides a much clearer picture of the city’s collapse than anything we’d seen before.
It appears that the city took all of the hallmarks of blue governance to extremes. For years, it tried to address its revenue shortfall by raising taxes, which drove residents out of the city and shrunk the tax base in the process. Detroit lost 61 percent of its residents between 1950 and 2010, and the total value of its property fell from a peak of $45 billion to $9.6 billion in 2012. Meanwhile, even as the city’s revenue base was imploding, public employee benefits remained generous and in some cases even expanded.
The Free Press notes that there were a few periods of hope during thee postwar period when the city’s finances were relatively strong, but each time the city squandered these opportunities and used its good standing to borrow more rather than address the core problems that got it in the mess in the first place. . . . The city has paid a heavy price. Today, Detroit has more pensioners than employees, and a debt that is more than twice what it had in 1960. It spends considerably more on police and fire retirees than active workers. And despite the fact that the city has the highest income and property taxes in Michigan—by a wide margin—the state’s inflation-adjusted revenue is lower than it was in 1960.
And the similarites to Obomba??? Do the math.
September 12, 2013
Yesterday …. Here they come, video at link…::: MOTORCYCLES RUMBLE THROUGH ON THE WAY TO D.C. FOR 9/11 RALLY
The boys are back in town.