Ten major U. S. cities headed for bankruptcy

Discussion in 'Too Hot for Swamp Gas' started by BobbyFischer, Oct 2, 2013.

  1. BobbyFischer
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    BobbyFischer New Member

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    If Barack Obama had a city it would be Detroit observed a wag. But a friend at Goldman Sachs tells me that unless they have major pension and health benefit reforms, these cities are going bankrupt too: Scranton, Philadelphia, Baltimore, Birmingham, Miami, Memphis, Houston, Oakland, LA and Chicago. The unions seem to prefer bankruptcy to making concessions, unfortunately. And guess what state has the highest percent of its population living below the poverty line according to a very recent study? California. Most poverty-stricken county in the most poverty-stricken state? LA county (27%). What happened to California? Is America becoming more like Detroit? NOTE: corrected an error in my original post.
  2. rivergator
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    rivergator Well-Known Member

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    I'd be curious to see that study. Everything I've read has 15-20 states with higher poverty rates than Calif.
  3. Swampmaster
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    Swampmaster New Member

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    they'll get bailed out by the federal government to protect all those union jobs and millions in votes---book it.
  4. billfisher65
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    billfisher65 Premium Member

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    It's probably a total living below poverty. Since Calif is so large not beyond the realm of possibility for it to have more people living below poverty than say the entire population of Mississippi. Funny thing is most of the people out there living below poverty line probably can't say poverty in English. Effed up thing is those same scumbags aren't having to pay taxes or anything for healthcare now or with this stupid ACA.
  5. BobbyFischer
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    BobbyFischer New Member

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    The study was conducted by the Public Policy Institute of California. On reflection LA county's poverty rate is 27% in that study (not the 27.5% for California that I posted).
  6. rivergator
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    rivergator Well-Known Member

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    You might want to go look at it and see if it really says what you claimed it did.
  7. BobbyFischer
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    BobbyFischer New Member

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    No, California's poverty RATE leads the nation according to the criteria used by the Public Policy Institute of California. It's based on the standard of living you get for the income and government benefits you receive in your locale. $100 in California buys less than $100 in Mississippi. I just read about the results of the study, haven't read it in toto, but the standard of living considerations make a lot of sense.
  8. rivergator
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    rivergator Well-Known Member

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    link?
  9. gatornana
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    gatornana Administrator

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    Do you have a link for this?
  10. BobbyFischer
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    BobbyFischer New Member

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    the device i'm on won't pull up a link but the california study article was writtem by sarah bohn ("The california property .... A new look at the social safety net") what i posted about the cities is what i learned from my friend at Goldman Sachs but it jives with what you can google about pensions. Example, chicago's bond rating just dropped to 3 levels above junk and its pensions are just 31% funded. I'll doublecheck that.
  11. DieAGator
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    DieAGator Well-Known Member

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    A link to prove what, that it's highest in the nation?

    "The measurement, developed by researchers with the Public Policy Institute of California and the Stanford Center on Poverty and Inequality, found that 2.6 million, or 27%, of Los Angeles County residents lived in poverty in 2011. The official poverty rate for the county, based on the U.S. Census' 2011 American Community Survey, is 18%"

    http://www.latimes.com/local/politics/la-me-poverty-20131001,0,60926.story

    Everyone knows LA's poor are largely illegal immigrants.

    ""People in Los Angeles deserve more help from the federal government than people in Mississippi," said Dowell Myers, professor of policy, planning and development at USC."

    Except Mississippi isn't clamoring for other people's money to pay for a million illegals and the large families they, apparently, have no other choice but to burden this country with. But that's ok, lets just follow that hollywood bitch Eva Longoria's lead.
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  12. gatornana
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    gatornana Administrator

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    Thanks!

    Here are some links:

    http://nawrs.org/wp-content/uploads/2013/08/Bohn-et-al-NAWRS-Presentation-ML.pdf

    http://www.ppic.org/main/publication.asp?i=1070

    http://yubanet.com/california/alifo...-More-Than-Official-Estimate.php#.UkzDT4zD-M9
  13. rivergator
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    rivergator Well-Known Member

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    yes. to show it's No. 1 in the country. I've looked at the study Nana linked to. I don't see where it says that. but maybe i missed it.
  14. BobbyFischer
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    BobbyFischer New Member

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    Chicago's bond rating was downgraded 3 levels by Moody's the day after Detroit filed for bankruptcy and it's 4 (not 3) notches above junk status. If the rating is downgraded one more level the city will have a hard time borrowing money. Chicagoans are on the hook for over $60 billion, $61,000 per household or $23,000 per capita. 200,000 people have left the city in recent years (sound familiar?). The city's ability to provide services is in decline, with 50 schools having closed recently. Bankruptcy is in play and the fiscal crisis is said to be larger than Detroit's. All ten cities listed in my opening post are facing bankruptcy unless pemsion and healthcare obligations are reduced. And that's just what's going on with the largest cities. Liberals and warmongering neoconservatives have driven America into a terrible indebtedness. Neocons are really just liberals masquerading as conservatives so they can wheedle influence in the Republican Party. (Neocon godfather Irving Kristol was a big admirer of FDR and the New Deal. His son Bill, perhaps today's most influential neocon, has professed great admiration for the New Deal and LBJ's Great Society).
  15. rivergator
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    rivergator Well-Known Member

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    Wait a minute. You claimed something about California, and when asked to prove it ... you just jump to Chicago?
    Since your California claim failed, can you show Bill Kristol professing his great admiration for the New Deal and LBJ's Great Society?
  16. BobbyFischer
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    BobbyFischer New Member

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    California does have a higher poverty rate than any other state when you take into account the cost of living and government benefits (according to the study previously mentioned). And I didn't "jump" to Chicago, it and the other 9 cities listed are what the thread is all about. As for Bill Kristol's well known admiration for FDR and LBJ's Great Society programs, I believe he mentioned it in a 1997 interview with E.J. Dionne. Let me know if that's good enough for you (or not). Okay?
  17. Gatorrick22
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    Gatorrick22 Well-Known Member

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    Rep.
  18. Gatorrick22
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    Gatorrick22 Well-Known Member

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    Here's what those foreign freeloaders cost LA county per year.. 1.6+ Billion Dollars.

    http://dailycaller.com/2013/09/17/r...elfare-benefits-to-illegal-immigrant-parents/
  19. gatordowneast
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    gatordowneast Well-Known Member

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    I believe he was quoting cities or counties with LA county being mentioned.
  20. rivergator
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    rivergator Well-Known Member

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    Yet the study you referenced doesn't say that California is No. 1.

    Any chance you can produce anything with Kristol saying what you claimed he did? How about this, does it sound like he's praising the New Deal and Great Society, givien that he's advising conservatives how they can stop Obama from pushing thru such 'liberal failures' like that again?

    link

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