Thirty Two states are Officially Bankrupt
- Thread starter darkbeaver
- Start date
One way to tell is a name change. We went from Dominion of Canada to just Canada (a Corporation listed with the SEC) in 1982 as part of financial reorganization after severing from the UK.
Calif. is not going to go bankrupt (Federal Gov., won't let that happen) they just don't have enough money to pay off their debt. Much worse shape than the U.S., they cannot print money, citizens want to give everyone free medical, free education, but do not want to pay the taxes it is costing them. Citizens will not let State Government pass tax increases. As for other States, same reasons apply, government will not let it happen unless it happens on a national level.
Even if you print your way out, there will still be the fundamental problem of the states spending more than they earn. That's as true for the US as it is for Greece.
Some States may not be doing to good, but none are bankrupt not even California. States have to lay off thousands of jobs as they are now to meet their, but s far they are doing it resulting in losts of unemployment, downsizedpolice and fire departments as well as other city functions being cut as well. We will not get as bad as Greece, if we do the rest of the world will not exist on therr own
Depends on what you spend on and if that initial investment can reap you a significant economic boon before the liquidity catches up to you.
To prevent a run on the banks there will be a bank holiday in the USA sooner than later, that's if the war don't get on soon enough to make plenty smoke.
There's some good news. California no longer has the worst credit rating, according to Moody's. Illinois is worse off than California - that's Illinois, where the last two governors have gone to jail for corruption.
As far as I can determine they have not. So the OP is misleading. The states are only insolvent.
This is pure unadulterated bull manure!
No state is "Bankrupt", not one. In order to be "bankrupt", they would have to be unable to repay debts, and be adjudged by a Court to be "bankrupt". Since all States have the power, and the authority, to raise taxes, and to do whatever is necessary to get adequate meoney to pay their bills, they can not be "bankrupt".
This is some journal attempting to show something that simply is NOT true at all.
No state is "Bankrupt", not one. In order to be "bankrupt", they would have to be unable to repay debts, and be adjudged by a Court to be "bankrupt". Since all States have the power, and the authority, to raise taxes, and to do whatever is necessary to get adequate meoney to pay their bills, they can not be "bankrupt".
This is some journal attempting to show something that simply is NOT true at all.
California is one of the most highly taxed States in the Union. They are NOT at all reluctant to levy taxes, in fact they just raised taxes a year ago, and they are in the process of raising them again. You all REALLY need to learn something about the States, instead of the garbage you have been reading.
This is funny. I mentioned that the states haven't declared bankruptcy and DB said the OP was misleading and now we have someone ranting and raving. lol
OK they're not bankrupt they're just insolvent. You can say **** here, we don't mind.