Coming Soon to an American City Near You

[SAYIT]

While it isn't an American city (or even a city), Greece's current economic situation is on the horizon for many American cities. Bloated municipal expenditures (despite decades of flat or declining populations) and aging infrastructure and housing stock will force many of our cities to choose between pension payments, debt service and current obligations ... none of which can be ignored. Years of cow-towing to union demands, high taxes and inefficient and corrupt gov'ts will end badly for both residents and pensioners.

 

[Sonny Clark]

While it isn't an American city (or even a city), Greece's current economic situation is on the horizon for many American cities. Bloated municipal expenditures (despite decades of flat or declining populations) and aging infrastructure and housing stock will force many of our cities to choose between pension payments, debt service and current obligations ... none of which can be ignored. Years of cow-towing to public-sector union demands, high taxes and inefficient and corrupt gov'ts will end badly for both current residents and pensioners.

It's been in the works for decades now. The chickens are finally coming home to roost.

 

[william the wie]

While true the bigger news is either state dependency on a soon to be bankrupt city like IL and Chicago or state guarantees of the debts of soon to be bankrupt cities as in CA. A city, county, mosquito abatement district or what have you can be forced into bankruptcy, a state cannot. However it can lead to a D- rating. A D- bond rating means that no one will lend. There's lot's of blue cities headed for court but only blue states pull this kind of crap so it is a much bigger deal than it appears to be on the surface.

 

[SAYIT]

While true the bigger news is either state dependency on a soon to be bankrupt city like IL and Chicago or state guarantees of the debts of soon to be bankrupt cities as in CA. A city, county, mosquito abatement district or what have you can be forced into bankruptcy, a state cannot. However it can lead to a D- rating. A D- bond rating means that no one will lend. There's lot's of blue cities headed for court but only blue states pull this kind of crap so it is a much bigger deal than it appears to be on the surface.

Decades of fiscally irresponsible, self-serving CHOICES by city officials and those who elected them are not a Red/Blue problem but rather an American one:

INEPTOCRACY - a system of government where the least capable to lead are elected by the least capable of producing and where the members of society least likely to sustain themselves or even try are rewarded with goods and services paid for by the confiscated wealth of a diminishing number of producers

 

[william the wie]

While true the bigger news is either state dependency on a soon to be bankrupt city like IL and Chicago or state guarantees of the debts of soon to be bankrupt cities as in CA. A city, county, mosquito abatement district or what have you can be forced into bankruptcy, a state cannot. However it can lead to a D- rating. A D- bond rating means that no one will lend. There's lot's of blue cities headed for court but only blue states pull this kind of crap so it is a much bigger deal than it appears to be on the surface.

Decades of fiscally irresponsible, self-serving CHOICES by city officials and those who elected them are not a Red/Blue problem but rather an American one:

INEPTOCRACY - a system of government where the least capable to lead are elected by the least capable of producing and where the members of society least likely to sustain themselves or even try are rewarded with goods and services paid for by the confiscated wealth of a diminishing number of producers

While true the bigger news is either state dependency on a soon to be bankrupt city like IL and Chicago or state guarantees of the debts of soon to be bankrupt cities as in CA. A city, county, mosquito abatement district or what have you can be forced into bankruptcy, a state cannot. However it can lead to a D- rating. A D- bond rating means that no one will lend. There's lot's of blue cities headed for court but only blue states pull this kind of crap so it is a much bigger deal than it appears to be on the surface.

Decades of fiscally irresponsible, self-serving CHOICES by city officials and those who elected them are not a Red/Blue problem but rather an American one:

INEPTOCRACY - a system of government where the least capable to lead are elected by the least capable of producing and where the members of society least likely to sustain themselves or even try are rewarded with goods and services paid for by the confiscated wealth of a diminishing number of producers

A distinction without a difference. The blue states are running off their tax base mostly off-shore on individual accounts and mostly red states in terms of business accounts.