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View Full Version : How many states are bankrupt or on the verge?




american.swan
02-16-2009, 06:50 PM
Can we have a running list? With news articles backing it up.

1. California (we all know this budget problems have been going on for quite some time.
2. Kansas

Any others?

HOLLYWOOD
02-16-2009, 07:25 PM
probably better to look at the Liabilities and Debt of each state.

For decades... State Governments have been rewarding themselves and cheating the taxpayers.

They all borrow, and use Bonds to borrow, when the interest payment come due, they float other bonds, when the principle comes due, they float even more bonds to pay that.

It's the old Pyramid scheme of using debt and borrow, aka, using one Credit card to make payments on the other credit cards. So the very Fraudsters of banks and Wall st, are the same right in your; federal, state, county, & city, governments too.

The minute State revenue does NOT come in to pay the interest or minimum payment AND the states can no longer borrow or the people refuse to float more loans... BINGO BANKRUPTCY

The Pyramid scheme collapses... For example the state of Illinois has a combination of almost $7 Billion in debt when you add it all up. What they tell the public citizens of Illinois, is there's currently 2 billion in debt, but that's just the interest owed on bonds and loans, when you add the principles, long term obligations, government retirement, etc... it rises above $7 Billion unfunded.

I hear New Jersey, with government growth over the past 3 decades, gov. employees, retirement fund accounts, obligations and debt... NJ is in the hole like $50 Billion. Another Pyramid scheme of creative financing/fraud legalized by government. It's just the deception of accounting, debt paying debt, deferred obligations, transfers... hell on & on. The Citizens and Taxpayers can't figure out what the heck some of these states have been doing or what the Taxpayer thought, he/she was voting for on public bonds/debt/expenses.


Tough to go through all 50 states and figure out all the debts and liabilities, but a simile, is a close parallel of what's happening to Wall st and the Banks and their schemes of debts and repackaging of debts, etc.

InterestedParticipant
02-16-2009, 07:34 PM
Can we have a running list? With news articles backing it up.

1. California (we all know this budget problems have been going on for quite some time.
2. Kansas

Any others?
You cannot listen to the media here, or the politicians, as they almost always refer to the annual budgets being in deficit. This is not bankruptcy! Many times these government entities still have plenty of money and assets on their balances sheets, referred to as the Comprehensive Annual Financial Report (CAFR). It's just a game to panic the public.

For example, last time I reviewed California's CAFR, they had over $80B in cash equivalent assets, and much much more in long term assets. This is far from bankruptcy.

Here (http://cafr1.com/STATES/) is one place you can go to access CAFR's for various states.

Pauls' Revere
02-16-2009, 07:36 PM
46 states...

California is not alone.

http://www.cbpp.org/9-8-08sfp.htm

:(:eek:

TABLE 1:
STATES WITH MID-YEAR FY2009 BUDGET GAPS


Size of Gap
Percent of FY2009 General Fund

Alabama
$1.1 billion
12.7%

Alaska
$360 million
6.8%

Arizona
$1.6 billion
15.9%

California
$13.7 billion
13.6%

Colorado
$604 million
7.7%

Connecticut
$1.7 billion
10.1%

District of Columbia
$258 million
4.1%

Delaware
$226 million
6.2%

Florida
$2.3 billion
9.0%

Georgia
$2.2 billion
10.3%

Hawaii
$232 million
4.0%

Idaho
$218 million
7.4%

Illinois
$4.2 billion
14.8%

Indiana
$1.1 billion
8.0%

Iowa
$134 million
2.1%

Kansas
$186 million
2.9%

Kentucky
$456 million
4.9%

Louisiana
$341 million
3.7%

Maine
$140 million
4.6%

Maryland
$691 million
4.6%

Massachusetts
$2.4 billion
8.4%

Michigan
$200 million
0.9%

Minnesota
$426 million
2.5%

Mississippi
$175 million
3.4%

Missouri
$342 million
3.8%

Nevada
$536 million
7.3%

New Hampshire
$50 million
1.6%

New Jersey
$2.1 billion
6.5%

New Mexico
$454 million
7.5%

New York
$1.7 billion
3.0%

North Carolina
$2.0 billion
9.3%

Ohio
$1.2 billion
4.2%

Oregon
$442 million
6.6%

Pennsylvania
$2.3 billion
8.1%

Rhode Island
$372 million
11.4%

South Carolina
$871 million
12.7%

South Dakota
$27 million
2.2%

Tennessee
$884 million
7.8%

Utah
$620 million
10.4%

Vermont
$66 million
5.4%

Virginia
$1.1 billion
6.7%

Washington
$509 million
3.4%

Wisconsin
$594 million
4.2%

TOTAL
$51.1 billion
10.5%

Rael
02-16-2009, 08:17 PM
Federal tax refunds will never be late...because the government can just print the money.

heavenlyboy34
02-16-2009, 08:58 PM
No matter what you hear, AZ is BROKE. :p:mad::(

t0rnado
02-16-2009, 09:20 PM
A month ago, the state government here in NJ told all the local schools to freeze spending since there will not be enough funding next year.

Here's the article about it: http://www.pressofatlanticcity.com/186/story/377954.html

The federal stimulus is going to allow these states to continue their crap even though it's with worthless money.

InterestedParticipant
02-17-2009, 11:53 AM
46 states...
California is not alone.
http://www.cbpp.org/9-8-08sfp.htm

:(:eek:

TABLE 1:
STATES WITH MID-YEAR FY2009 BUDGET GAPS

Size of Gap
Percent of FY2009 General Fund
These are Fiscal Year shortfalls, not bankruptcies!

Bankruptcy is when Liabilities exceed Assets. You need to review these states CAFR's to see if that is the case or not.

The media is simply drumming up more fear.

Get the accurate information before you spread such mis-info.