Shitty municipality default watch

Discussion in 'Economics' started by bond_trad3r, Jun 23, 2011.

  1. Harrisburg Mayor turns to God - prayer, fasting - to address financial crisis

    Pennsylvania: In a controversial move Harrisburg Mayor Linda Thompson announced Monday she will join religious leaders and others in three days of prayer and fasting in hopes of solving the city's crippling financial crisis. The religious ritual will begin Wednesday morning and run until Friday evening.
  2. Detroit taxes to remain despite population fall

    (Reuters) - Michigan Governor Rick Snyder signed into law on Thursday legislation that will let Detroit avoid financial catastrophe by allowing the city to keep collecting key taxes despite its steep drop in population.

    "Not approving this legislation would have pushed Detroit to the brink of bankruptcy," the Republican governor said in a statement.

    Under a previous law, the city's income and utility user taxes were tied to a population of at least 750,000, but the 2010 U.S. Census found that the number of Detroit residents slid to a 100-year low of 713,777.

    The new law sets a 600,000 population threshold for levying a maximum 2.5 percent income tax on residents and 1.25 percent on nonresidents, as well as an up to 5 percent utility tax. The taxes generated $265 million last year.
  3. I hate to say it and i'm usually not hawkish but this is the one. Been on the table for a while and it's our only real kryptonite. It's being priced in more and more and has been driving the weakness in the dollar amid all the problems in Europe.

    US dollar isn't the safety bet anymore due to this. They could jack rates to 10% and there will still be concerns about the safety. We started seeing it a few months ago.
  4. There is no reason not to turn to the "Higher Power" for wisdom and guidance. I do it all the time.

    However, the problem with PA is that they will not listen to the "Guidance Given" or the Wisdom they may gain. In fact, human nature repeats itself and it takes strong will power to change. Many of those in charge (politicians) will not change.

    One of the oldest books in the world states a few key items of Wisdom.

    1. A lazy man will not eat.
    2. To get into debt is slavery to those who lend to you.
    3. To pursue material wealth with the solid grounding and understanding that money is a means to an end, not the End in and of itself.
    4. Be kind to the poor but you do not have to give all that you earn as a able body person who can work but does not, for him, poverty is sin.

    The Fall of America is because these simple and basic ideas have been discarded. And now, millions will pay the price.
  5. When government officials begin praying for miracles to fix financial disasters, you know we're in in deep shit.

  6. Ash1972


    Fat lot of good praying will do.. how about swinging an AXE at public sector pay and benefits? Literally slashing it by 1/3..
  7. Harrisburg Mayor turns to God - prayer, fasting and powerball.

    (fixed that)
  8. Yes, don't get me wrong, I am a spiritual person. Sometimes I mock, troll, or do whatever on ET, but I want to be real for a moment in this post.

    There is nothing wrong with turning to God in this situation as the city is truly in a crisis. It doesn't matter where you fall on the political spectrum, the fact is many people's livelihoods are at stake if the necessary budget cuts go through. Since I promised not to troll this post, I'm at a loss for words at this point except I wish the people affected the best outcome.

    Its fun to mock their situation and fit it to my political agenda, but sometimes that's the wrong thing to do... karma can be a bitch.
  9. Philadelphia School District's budget crisis demands seriousness

    PHILADELPHIA is at a crossroads.

    The Nutter administration is floating three revenue-generating plans to help the School District of Philadelphia out of its current fiscal crisis: Raise property taxes, institute a 2-cent-an-ounce tax on all sugar-sweetened beverages (which I previously opposed and am still not supporting) and raise the cost of parking in the Center City and University City districts. Presumably, the implementation of some combination of these three plans would help raise an additional $100 million-$120 million annually to help bridge the school district's staggering $629 million budget gap.

    There's at least one obvious problem inherent in each of these three options - Philadelphians have been practically squeezed dry when it comes to taxes.

    We are already burdened with among the highest taxes in the nation. Less than a year ago, we were hit with a 10 percent hike in property taxes. The cost of parking downtown is often cited as one of the main reasons suburbanites avoid the city whenever possible.
  10. Ten Days and Counting: Why Minnesota's Government Could Shut Down July 1

    Minnesota's political leaders failed to pass a budget by the end of the legislative session on May 23. Now, the clock is ticking down to a fiscal deadline of June 30, the end of the current budget biennium, when lawmakers are required to pass another two-year budget that will close a $5 billion deficit.,8599,2079026,00.html#ixzz1Q99SvSbo
    #10     Jun 23, 2011