• "Spreading the ideas of freedom loving people on matters regarding high finance, politics, constructionist Constitution, and mental masturbation of all types"

Apocalyptic Debt Crisis In America:

Scorpio

Скорпион
Founding Member
Board Elder
Site Mgr
Midas Supporter
Joined
Mar 25, 2010
Messages
28,418
Likes
36,604
#1
Apocalyptic Debt Crisis In America: 63 Of America’s Largest 75 Cities Are COMPLETELY BROKE

By
PatriotRising
-
January 31, 2019


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?


http://patriotrising.com/apocalypti...ricas-largest-75-cities-are-completely-broke/
 

chomper

Purveyor of Filth
Silver Miner
Joined
Feb 10, 2011
Messages
796
Likes
665
#2
I can see Omni Consumer Products waiting in the wings...

 

Alton

Gold Member
Gold Chaser
Joined
Apr 1, 2010
Messages
4,830
Likes
9,076
Location
Michiana
#4
We've watched this coming for years. This is just a small part of why I am still quite glad that Trump is president and I remain patient as I can be with his MAGA plan. Yet I still have doubts about America as a country. The corruption and stupidity of government is quite deep and wide. Trump is merely dealing with the federal level. There is a minimum of 2 more levels of government, state and local, negatively affecting each and every person in this country and Trump IS powerless to sort out these problems. I'm not seeing where state by state and city by city revolutions will occur.
 

Alton

Gold Member
Gold Chaser
Joined
Apr 1, 2010
Messages
4,830
Likes
9,076
Location
Michiana
#6
Heard today the definition of "bipartisan" is when .gov does really stupid stuff and they are both to blame.
So, that means that EVERYTHING government administrations do is "bipartisan". Makes sense...a bird can't fly without both wings working...

illusion 2.png
 

Joseph

Gold Member
Gold Chaser
Sr Site Supporter
Joined
Jul 27, 2011
Messages
4,667
Likes
8,686
Location
south east
#7

TAEZZAR

LADY JUSTICE ISNT BLIND, SHES JUST AFRAID TO WATCH
Midas Member
Midas Supporter
Joined
Apr 2, 2010
Messages
15,665
Likes
28,066
Location
ORYGUN
#8
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.
Ooooh. BooHooo too bad the leaches won't get fed !
Pigs get fat - hogs get slaughtered !
 

Garyw

DemoRats are Party of KKK
Silver Miner
Joined
Mar 16, 2011
Messages
1,522
Likes
1,324
Location
State of Jefferson
#9
I saw it coming for a long time in the 50's my dad was a log truck driver. My uncle worked for the state highway dept. In the winter my father was laid off due to weather. My uncle always bragged that is why he worked for the state. He had no benefits but he worked year round with no layoffs. slowly after a few years the unions kept increasing benefits for state government employees now they cannot pay the employees at retirement. Damn shame they had it good when there were no layoffs now they will starve like the rest of us. We will go without because government employees stole money from the social security fund. Monsanto and the US government sent our military to war and used defoliants soldiers are dying and the government will cut them off soon. We cannot win socialism or corrupt capitalism?
 

Aurumag

Ag mirror of truth Aurum purity of mind
Midas Member
Site Supporter
Joined
Mar 31, 2010
Messages
9,492
Likes
11,607
Location
State of Jefferson
#10
We will go without because government employees stole money from the social security fund.
No such thing as a Social Security Fund.

SS is a sureptious and capricious income tax, and the FRNs ALWAYS went directly into the General Fund.

SS Benefits? No guarantees, but as long as working suckers on the bottom keep paying in, ol' gramps might still get his monthly pittance.
 

Zed

Intergalactic Chart Arse
Midas Member
Site Supporter
Joined
Mar 30, 2010
Messages
14,471
Likes
13,040
Location
Just behind you.
#11
I've not heard too much about the looming municipal bond crisis for a while, like 2011 it was a big talking point. Must mean its almost due. o_O
 

Zed

Intergalactic Chart Arse
Midas Member
Site Supporter
Joined
Mar 30, 2010
Messages
14,471
Likes
13,040
Location
Just behind you.
#12
We will go without because government employees stole money from the social security fund.
No such thing as a Social Security Fund.
It never really existed except on paper. They spent the money and replaced it with a zero coupon bond, essentially it went into general revenue and was replaced with a promise.

Pensions are a paygo system, if the current crop of tax mules can't pay then there is nothing to have.
 

Zed

Intergalactic Chart Arse
Midas Member
Site Supporter
Joined
Mar 30, 2010
Messages
14,471
Likes
13,040
Location
Just behind you.
#13
Trump IS powerless to sort out these problems.
I doubt it can be done. The system needs scrapping and a rebuild. How you get there, well, I'm glad I don't have to work that out. This will probably not go smoothly.
 

Alton

Gold Member
Gold Chaser
Joined
Apr 1, 2010
Messages
4,830
Likes
9,076
Location
Michiana
#14
I doubt it can be done. The system needs scrapping and a rebuild. How you get there, well, I'm glad I don't have to work that out. This will probably not go smoothly.
Exactly. State and local politicians have no money for high end strategy and propaganda machines like they do in DC. This means their lies and attitudes are more often and readily exposed. They need more practice at lying and controlling their emotions and emotive expression.

The biggest reason that they will fail is they do not have access to a central bank. Fundage is limited to tax revenues and fees. Loans by way of bonds are limited by state laws, municipal ordinances and realities of projects to be funded.

States and municipalities have, with their own ideas AND federal mandates borrowed themselves into oblivion, far beyond whatever they can repay. Their future bankruptcy is already a done deal and Uncle Scam won't be bailing them out. Even IF Trump can break the central banks (FED/IMF/BIS) the debts owed by states and municipalities are to banks and investors. Essentially no escape from bankruptcy. My guess is that banks and investors will be forced by law to eat those losses in order to save states and municipalities. Laws will also be passed preventing states and municipalities from ever taking out loans or cooking up bonding schemes beyond a certain percentage of projected revenues...revenues which will be limited as many tax programs in the states will be eliminated or substantially reduced. No more HUGE pension and benefit schemes for state and municipal employees.

Many more changes will come in how states and municipalities work. States will have to surrender some power to the electorate and have eliminate and/or modify MANY laws, regulations and policies. This will be a long, arduous and contentious process lasting about 25 years or more with lots of butthurt for all.
 

kiffertom

Site Supporter
Site Supporter
Seeker
Joined
Mar 31, 2010
Messages
369
Likes
372
#15

Son of Gloin

Certainty of death? What are we waiting for?
Gold Chaser
Midas Supporter
Joined
Apr 6, 2010
Messages
6,548
Likes
14,076
Location
USA
#16
central banks buy gold! silver and platinum are industrial metals! gold is money!
“Gold is money. Everything else is credit.”
Or a commodity.
 

Joe King

Gold Member
Gold Chaser
Site Supporter
Joined
Mar 31, 2010
Messages
9,161
Likes
10,130
Location
Instant Gratification Land
#17
No such thing as a Social Security Fund.
Yep. Kinda hard to steal something that ain't actually there.



It never really existed except on paper. They spent the money and replaced it with a zero coupon bond, essentially it went into general revenue and was replaced with a promise.
To be fair though, with an inflationary monetary system, what else could be done with it? The future power of gov taxation is the only thing that can come close to guaranteeing "returns" 50 years out.
....but they have to sell it to the people in such a way that causes them to believe the gov is actually saving their contributions in the same manner that they themselves might "save" money. In reality, nothing could be further from the truth.

Edited to add: had those in gov actually told the people in clear language exactly how things like SS/medicare work, they would have never went along with it. It's nothing more than double taxation. Ie: you're taxed twice for the same stated purpose.




Pensions are a paygo system, if the current crop of tax mules can't pay then there is nothing to have.
At some point, the producers can no longer carry the burden.
....or choose to stop trying to.


I doubt it can be done. The system needs scrapping and a rebuild. How you get there, well, I'm glad I don't have to work that out. This will probably not go smoothly.
It has to be seen through to the end. Ie: no changing horses mid-stream. Too many people don't/won't see the need to and will fight to prevent the needed change. Gotta wait 'til most of the idiots can see the folly of their ways. Ie: the point the majority realizes that it must change.

At that point ya gotta hope there's enough people who understand what's up, to make sure the right things happen. Or at the least, that the worst things don't happen.