Having spent the weekend sharing some of the news about the union-pension Ponzi scheme and the attempt to keep the truth from the American people, it is only fitting that the Guardian UK should run this story today:
More than 100 American cities could go bust next year as the debt crisis that has taken down banks and countries threatens next to spark a municipal meltdown, a leading analyst has warned.
Meredith Whitney, the US research analyst who correctly predicted the global credit crunch, described local and state debt as the biggest problem facing the US economy, and one that could derail its recovery.
“Next to housing this is the single most important issue in the US and certainly the biggest threat to the US economy,” Whitney told the CBS 60 Minutes programme on Sunday night.
“There’s not a doubt on my mind that you will see a spate of municipal bond defaults. You can see fifty to a hundred sizeable defaults – more. This will amount to hundreds of billions of dollars’ worth of defaults.”
[snip]
US states have spent nearly half a trillion dollars more than they have collected in taxes, and face a $1tn hole in their pension funds, said the CBS programme, apocalyptically titled The Day of Reckoning.
Yet, the AFL-CIO’s propaganda machine continues to deny that there is any Day of Reckoning, refuses to bear any responsibility and, instead, attacks New Jersey Governor Chris Christie’s appearance on 60 Minutes:
Last night’s “60 Minutes” report on the budget crises and shortfalls many state and local governments face could have been written by anti-worker, anti-union New Jersey Gov. Chris Christie (R), who used his airtime to slam public employees and their unions as the root cause for the huge budget gaps. Yet 60 Minutes did not give one second of airtime to a public employee or union spokesperson.
Never mind the fact that unions have dumped billions of dollars (over $561 million in 2010 alone) into putting politicians into office who have rewarded them with rich contracts that taxpayers are saddled with paying.
Unfortunately, union bosses don’t seem to realize that it is not their money. It never was. They bought politicians who made promises with taxpayer money. Those promises cannot be kept. The well has run dry. The money is gone.
Blame the bankers, the bakers, the politicians, or the candlestick makers. It doesn’t matter. The money is gone. You cannot consume more than you produce—and America has done just that. It is time for a diet of vast proportions. The PC term of the day seems to be austerity. America’s public sector needs austerity…and a lot of it, quickly.
You see, union bosses, if America goes bankrupt, workers’ pensions are the last thing that anyone will be concerned about. The jig is up, the scam realized. You gamed the system for so long undetected, but now your system is crashing—and you still want to blame others.
You know, some used to say the Left is ‘not evil, just wrong.’ Considering the depth to which today’s union bosses will stoop to cover their own complicity, perhaps it’s time to re-think that equation.
_________________
“I bring reason to your ears, and, in language as plain as ABC, hold up truth to your eyes.” Thomas Paine, December 23, 1776
Dan Spencer
Moe Lane
Dan McLaughlin
Jeff Emanuel
LUR what is the status of public employees
mbecker908 (Diary) Monday, December 20th at 10:32PM EDT (link)pension funds vis-a-vis ERISA?
Would that require the feds to pick up the liabilities?
In answer...
LaborUnionReport (Diary) Monday, December 20th at 10:46PM EDT (link)Without doing an exhaustive search, here is what I found:
“I bring reason to your ears, and, in language as plain as ABC, hold up truth to your eyes.” Thomas Paine December 23, 1776
In any compromise between food and poison, it is only death that can win. In any compromise between good and evil, it is only evil that can profit.-Ayn Rand
LaborUnionReport.com
The Most Comprehensive Source for
News & Views on Today’s Labor Unions.
Follow @laborunionrpt
Sorry, here's the link...
LaborUnionReport (Diary) Monday, December 20th at 10:46PM EDT (link)http://www.ebri.org/pdf/publications/books/fundamentals/Fnd05.Prt05.Chp39.pdf
“I bring reason to your ears, and, in language as plain as ABC, hold up truth to your eyes.” Thomas Paine December 23, 1776
In any compromise between food and poison, it is only death that can win. In any compromise between good and evil, it is only evil that can profit.-Ayn Rand
LaborUnionReport.com
The Most Comprehensive Source for
News & Views on Today’s Labor Unions.
Follow @laborunionrpt
How did we get in this mess?
al003 Tuesday, December 21st at 7:44PM EDT (link)This is what happens when you elect people with a socialist agenda and thinks that everyone should ride in the wagon and no one has to push or pull the vehicle. This is complete folly and we are there. It is time for everyone to get out of the wagon and start working for the good of their own family. Do not do what JFK said, work for your own good and the good of your individual family. If everyone is selfish and works for their own wealth we will all be just fine. This means we will not have any welfare or giveaway programs, none. Everyone goes to work so they can feed themselves. Burn the wagon so no one can get into it. Our worst enemy are politicians who tell us how helpless we are – we are not helpless. Some of us are stupid, some are lazy and some believe in the tooth fairy. We only need to understand the real problem and the problem is Socialism. Socialism has been creeping into our lives day by day in little drips and drabs until we are drowning in social programs of every type and stripe. Political Correctness has taken over the world. We must get rid of all of this social feel good garbage before it destroys this country. Our present situation is very simple to solve. Each State must stand on its own feet. We the citizens of each state must insist on Term limits for all elected people. We must get a handle on the budget and this is the way to do it. Do not let any politician stay in office long enough to get comfortable. One term and your out. No consecutive terms, period. No retirement of any kind from elected office. Corruption in office is a Capital Crime. Pass a law against public sector Unions. Think about it, who is the adverse party when a Public Sector Union goes to the bargaining table? Think it over…. YOU ARE THE ADVERSE PARTY but do you get to speak? No you do not, you only get screwed!! Get these laws into your State Constitution ASAP things will change. We are the Citizens and we are in charge of each of our States. We can make the State laws and through these laws we can control the Federal Government. DO It NOW, before it is too late.
LUR. I ejnoy your posts.
gekster (Diary) Monday, December 20th at 10:56PM EDT (link)Keeping us up to date and all.
That doesn’t mean I like what I hear. err,.. read.
When will the people who get sucked dry in the name of fair and equitable wages wake up, and see they are robbing thier own nieghbors.
I would think that they would love for thier neighbors to call the cops if someone was robbing them, but expect silence when in the name of bloated union contracts, they rob thier neighbors.
What we need is a law that NO ONE who works for any Government can be in a union.
None, natta.
As soon as they work for a union, they quit working for the people, and start working for union bosses.
And union bosses want higher wages so as to collect more union dues,
to keep them in thier cushy jobs, where they actually do no work.
And if you think they work, how hard is it to threaten someone with a labor stoppage.
That really takes alot of heavy lifting.
Gotta stop now. seeing red.
Blood pressure thing and all.
They say Republicans are for the rich, Democrats are for the poor.
If they need more voters,
then they have to make more of who they are for.
We are there in the various Tea Party groups, leaderless, but not rudderless.
We steer always toward the Constitutional principles this nation was founded upon.
Erick Brockway
I’ve gone from
“Hope and Change” to
“Hopeless and Changeless”
I watched that report.
NeoKong (Diary) Monday, December 20th at 10:58PM EDT (link)Scary stuff.
If you think the economy is bad now just wait until states begin to default on their muni bonds.
In Illinois the State Police couldn’t even gas up their cruisers on state accounts anymore.
Follow me on Twitter.
Good News for Speeders... nt
audax (Diary) Tuesday, December 21st at 12:38AM EDT (link)Audeamus pro audere est facere
Trial Lawyers vs Unions
popdaddy Monday, December 20th at 11:00PM EDT (link)States can’t depend on the 2011 Congress for union bailout. They will have to defer to their state constitution for protection which leaves: trial lawyers suing unions!
Match made in Heaven, Get Er’ Done, yuk, yuk!
The enemy of my enemy......
banzaibob (Diary) Monday, December 20th at 11:10PM EDT (link)Nah,
Let them nuke each other into oblivian. Someone pass the popcorn.
Prefiero morir de pie que vivir de rodillas
It’s better to die upon your feet than to live upon your knees!
Emiliano Zapata
I never did believe "not evil, just wrong"
E Pluribus Unum (Diary) Monday, December 20th at 11:35PM EDT (link)Not a single day of my life. Union leadership is a crime syndicate. They enslave their members, and suck the taxpayers dry.
What do contribute to the good and prosperity of America?
Not a %&*^$&(%^&^$ thing.
Kill the Terrorists
Protect the Borders
Punch the Hippies h/t IMAO
Christie is the only one who is qualified to tackle this challenge on the national level
RealQuiet (Diary) Monday, December 20th at 11:51PM EDT (link)And the sooner he realizes it, the better. It’s going to get awfully ugly the next couple of years when public employees get their pink slips and there will be nothing the union leadership will be able to do to stop it. Lawsuits? Sure, pour more money down the hole because they’ll lose in the end.
I know a few California public employees
izoneguy (Diary) Monday, December 20th at 11:57PM EDT (link)That are accountants for the state.
They live in Santa Monica in the same hood as Blythe Danner, Gwyneth’s mother….
They drive new Mercedes Benz’s.
You would think that being an accountant for the state they might know
something about the coming bust??? Hmmmmmmmm????
Those who had once simpered: “I don’t want to destroy the rich, I only want to seize a little of their surplus to help the poor, just a little, they’ll never miss it!” – then, later, had snapped: “The tycoons can stand being squeezed; they’ve amassed enough to last them for three generations” – then, later, had yelled: “Why should the people suffer while businessmen have reserves to last a year?” – now were screaming: “Why should we starve while some people have reserves to last a week?” – Atlas Shrugged
Not if it is in your "best interest" to not know. There are
davesinsanantonio (Diary) Tuesday, December 21st at 6:16AM EDT (link)none so blind as those who are paid not to see!
“I do not recall that , Senator.”
“Organized crime” has nothing on government backed crime.
*
nateleyswhore Tuesday, December 21st at 9:37AM EDT (link)I don’t have the facts and figures, but it seems likely the states and local governments have been propped up the last couple years with a chunk of the $800 billion stimulus, masking the problem a bit longer.
Not a pretty sight coming when liberal fantasies come crashing down. Mama’s going to take away the bottle and baby is going to start bawling like hell doesn’t have it. And somehow it’s going to be all our fault.
“Nately had a bad start. He came from a good family.” –Catch 22
Not to worry.
dwscho Tuesday, December 21st at 11:12AM EDT (link)The public unions have no need to worry as Obama and Dems will bail them out to keep the campaign dollars flowing. Taxpayers to the rescue again.
The message needs to go out to Republican's
melbedewy (Diary) Tuesday, December 21st at 11:50AM EDT (link)in Congress:
NO state bailouts
NO municipal bailouts
NO union bailouts
or–
NO more money, support or votes-welcome to 06 and 08.
Watch Out for the Blowback
bay0wulf Tuesday, December 21st at 12:48PM EDT (link)What I see is that the “”New Republicans” are going to start to do some heavy lifting in the coming few years. (Hopefully the GOP really does return to something like “true” Constitutional Conservatism … or at least awareness.) I see that this is going to make them highly disliked by those who are going to be losing their entitlements and frivolous funding in the process.
I see the Dems or Liberals holding these people who are doing what must be done up to the anguished public as being mean spirited and … just plain mean. I see them being metaphorically burned in effigy.
I see in either 2012 or 2014, the lowest common denominators once again going in droves to their polling places to vote their gravy trains back into place. I see them howling for a return of the handouts that they have become so dependent on.
I struggle to see the people on this forum and those of the Tea Party and true conservatives everywhere rallying around these new leaders to support them and assist them in moving towards a smaller, leaner, re-vamped government structure.
I believe the blowback is going to be very strong. I pray we have the strength to endure.
How likely is it that federal law will be
redneck_hippie (Diary) Tuesday, December 21st at 4:01PM EDT (link)changed to allow state bankruptcy.
http://washingtonexaminer.com/politics/2010/11/tottering-states-bankruptcy-could-be-answer?category=17
He knew what he was talking about
irbobert Wednesday, December 22nd at 4:09PM EDT (link)About 70yrs ago when I first got into the work force I was confronted to join a union. As I didn’t know anything about unions, I asked my step dad to enlighten me. His first words were, “Unions will be the ruination of this country. I won’t be here when in it happens but, you will”. He didn’t need to say anymore. As the years came and went, I realized he knew what the future held for us. My God have mercy on this flock of sheep.