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Thread: Path Is Sought for States to Escape Debt Burdens

  1. #31
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    Re: Path Is Sought for States to Escape Debt Burdens

    That is the only solution. The very fabric of the US at stake here.. if the other states or/and Feds dont help save states in trouble, then what is the freaking point of the US any more?

    Problem is to fix this issue, the states, politicians and so on have to come out of the total denial they are in.. all options including tax's going up, must be on the table.... and I think pigs will fly before that happens.

    The problem with another bail out, is people aren't going to stand for it. Here is a page of how our first nearly trillion dollar stimulus package was spent state by state

    Stimulus Legislation, Breakdown by States - The Wall Street Journal Online

    Most states took this money, let out a deep sigh, and went right back to their spending policies. In the end all the stimulus money did was prolong the problem for another year. That year is over and we are right back where we started, budget shortfalls in almost every state in the country.

    As for the solution? First cut and gut down to the bone and into the bone.
    People especially liberals don't like this option, but it's more true then false, because their will not be a bail out of any state. After the 2010 election where the people spoke, and said enough is enough.

    The only viable answer for any federal help will come “IF” any state asking for help from the Federal government presents a plan showing deep cuts in their spending, along with tax increases, that would allow them to balance their budgets within a reasonable time frame.

    Problem is to fix this issue, the states, politicians and so on have to come out of the total denial they are in.. all options including tax's going up, must be on the table.... and I think pigs will fly before that happens.
    I don't agree with the last part of your statement, more and more people are beginning to understand the problem we are in and realize that higher taxes are part of the solution. “BUT” there will be no random taxes accepted, unless they are tied to spending cuts, and these cuts must be real and not just cuts made by creative accounting. Both federal and state governments must do this, people are willing to accept and share responsibility, but only if their government is willing to do the same.

    Unrestrained spending, followed by tax hikes, is not the way out of our problem, “it is the problem” and I feel that only when government begins to show they can act responsibly will the people be willing to step up and do their part. It's time our government leads by example, rather then say do as I say and not as I do .

  2. #32
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    Re: Path Is Sought for States to Escape Debt Burdens

    These policies presume a revenue problem...when are they going to learn that this is a spending problem. You want to solve the debt problem? Cut up the credit cards and live within your means.
    You, my brothers and sisters, were called to be free. But do not use your freedom to indulge the flesh; rather, serve one another humbly in love.For the entire law is fulfilled in keeping this one command: “Love your neighbor as yourself.”

  3. #33
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    Re: Path Is Sought for States to Escape Debt Burdens

    Quote Originally Posted by ksu_aviator View Post
    These policies presume a revenue problem...when are they going to learn that this is a spending problem. You want to solve the debt problem? Cut up the credit cards and live within your means.

    Spending is like heroin to these folks. They are addicted. They can't help themselves. So it's time for love of the very toughest sort.

  4. #34
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    Re: Path Is Sought for States to Escape Debt Burdens

    States rights BS. The states do just as bad as the feds when it comes to government. Even the Conservative mecca Texas is in big trouble. Now the states are crying for Federal help. The End is Near.

  5. #35
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    Re: Path Is Sought for States to Escape Debt Burdens

    it's pensions and medicaid that are breaking our state budgets

    ie, liberal bulwarks all busted and bankrupt

    austerity will be FORCED on springfield, albany and sacramento

    did you catch cuomo's state of the state?

    GOVERNOR ANDREW M. CUOMO STATE OF THE STATE ADDRESS | Governor

    We have the worst business tax climate in the nation, period. Our taxes are 66% higher than the national average. The costs of pensions are exploding, 1.3 billion in 1998-1999, projected for 2013, 6.2 billion - a 476% increase and its only getting worse. The State of New York spends too much money, it is that blunt and it is that simple. Our spending has far exceeded the rate of inflation. From 1994-2009, inflation was about 2.7% per year; medicaid when up over 5% per year and education went up over 6% per year. We just can’t afford those rates of increase. And most damaging, our expenses in this state far exceed revenue. We’ve been focusing on this year and the deficit this year, which is a very large deficit about $10 billion, and that is a major problem. Next year, the problem goes to $14 billion. The year after, the deficit goes to $17 billion. This is a fundamental economic realignment for the State of New York.

    Not only to we spend too much, but we get too little in return. We spend more money on education than any state in the nation and we are number 34 in terms of results. We spend more money on Medicaid than any other state in the nation and we are number 21 in results. We spend about $1.6 billion per year in economic development and we are number 50 in terms of results. We now have more than 600 Executive branch agencies. The proof is in the pudding. And New Yorkers are voting with their feet. Two million New Yorkers have left the State over the past decade. What does this say? It says we need radical reform, it says we need a new approach, we need a new perspective and we need it now. We are going to redesign our approach because the old way wasn’t working anyway, let's be honest.

    We are going to start by transforming New York’s economy. Because what made New York the Empire State was a not a large government complex, it was a vibrant private sector that was creating great jobs in the State of New York that’s what made us the Empire State once and that’s what’s going to make us the Empire State again. We get it. And this is going to be a business friendly State. The property taxes in New York are killing New Yorkers. Thirteen of the sixteen highest tax counties are in New York when assessed by home value. In absolute dollars, Westchester County has the highest property taxes in the United States of America. Nassau County has the second highest property taxes in the United State of America. It has to end this year. We have to hold the line on taxes for now and reduce taxes in the future. New York has no future as the tax capital of the nation. Our young people will not stay. Our business will not come. This has to change...
    are you aware of moonbeam brown's austerity measures out here on the left coast?

    California's Brown proposes painful budget cuts | Reuters

    of course, we all saw springfield's solution

    Illinois Lawmakers Approve 66% Tax Hike « CBS Chicago

    pensions and medicaid---if they're so beneficial why are the states collapsing?

    republicans in the house are gonna hold hearings on how states can reconfigure their budgetary obligations

    boehner's boys and broads will make their demands

    it will be interesting to watch

    there's gonna be a lot of pain, both popular and progressive

    stay tuned
    Last edited by The Prof; 01-23-11 at 05:32 PM.

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    Re: Path Is Sought for States to Escape Debt Burdens

    looking for GM style bankruptcy is gonna be the undoing. the little mentioned part of the GM bankruptcy is how the secured bond holders got screwed for the benefit of union pensions. this is the EXACT situation of illinois. if there's a bankruptcy set up by the congress, like they did for gm, in that bond holders get screwed and unions keep their pensions, there will be a similar crisis in type, but far larger in magnitude. there was a commercial credit crisis after the secured bond holders got screwed with GM, but the fed stopped that crisis by buying $9Trillion in corporate bonds. if the fed takes on all the municipal debt, i think we're in for some serious trouble.
    Democracy is two wolves and sheep voting on what's for dinner. Liberty is a well armed sheep willing to contest the vote.

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    Re: Path Is Sought for States to Escape Debt Burdens

    Quote Originally Posted by Zyroh View Post
    looking for GM style bankruptcy is gonna be the undoing. the little mentioned part of the GM bankruptcy is how the secured bond holders got screwed for the benefit of union pensions. this is the EXACT situation of illinois. if there's a bankruptcy set up by the congress, like they did for gm, in that bond holders get screwed and unions keep their pensions, there will be a similar crisis in type, but far larger in magnitude. there was a commercial credit crisis after the secured bond holders got screwed with GM, but the fed stopped that crisis by buying $9Trillion in corporate bonds. if the fed takes on all the municipal debt, i think we're in for some serious trouble.
    There's simply no way out because the country is no longer as affluent as it was. No matter what they do the numbers don't pencil out. The longer the states delay in accepting tough medicine the harder will be the fall.

  8. #38
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    Re: Path Is Sought for States to Escape Debt Burdens

    Let's put it another way: The states are like a family that buys a house and some time there after, has a pay cut. They have debts they can't really pay, essential items that just can't be cut (i.e. food) and they need to make the money they have go farther. So what can they do?

    The can sell new bonds at low interest rates (if they can get anyone to buy them) as an attempt to refinance. They can cut spending on non-essential services. They can raise taxes and get a short term bump with the caveat of a long term fall. They can also issue IOUs like California did.

    But my favorite is that each state can create their own bank and their own money. If they back that money with a precious metal like gold or silver, they can use projected increases in the value of their state issued money to raise revenue today and to pay debts later as their money's value increases in relation to the US Dollar.
    You, my brothers and sisters, were called to be free. But do not use your freedom to indulge the flesh; rather, serve one another humbly in love.For the entire law is fulfilled in keeping this one command: “Love your neighbor as yourself.”

  9. #39
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    Re: Path Is Sought for States to Escape Debt Burdens

    I think California should sell its State Parks to private buyers. California can permit its Redwood Forests to be cut. The seal lion colonies can be culled and the hides can be sold as trinkets for Chinese children. California doesn't need universities. California needs jobs.

  10. #40
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    Re: Path Is Sought for States to Escape Debt Burdens

    Quote Originally Posted by MrVicchio View Post
    Do you realize they let even a single SINGLE state do this, and the municipal bond market would collapse. How does that help anyone?
    um... the municipal bond market collapses. you just answered your own question.

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