New York City and The Bankruptcy Club

[windriverrange]

https://www.zerohedge.com/news/2018-11-02/new-york-city-joins-imminent-bankruptcy-club

Good read, and I predict a huge tilt right for the US if these liberal utopias come to congress hat in hand for a bailout and get it. The price of placating union for a constant voting block is coming home to roost.

 

[Syskatine]

You have it backward. The Trump admin will be asking them for a bailout.

The Trump deficits are the result of changes in federal spending and revenue that will continue to be in place until some president and Congress decide to reverse them, that is, to increase taxes and make cuts to popular programs.

Not only has there been little appetite to do that, many in Congress and the Trump administration seem to be hellbent on ignoring the deficit and national debt and increasing spending and reducing revenue even further.
://www.usatoday.com/story/opinion/2018/08/20/donald-trump-trillion-dollar-plus-deficits-fiscal-ruin-column/986236002/

 

[windriverrange]

You have it backward. The Trump admin will be asking them for a bailout.

The Trump deficits are the result of changes in federal spending and revenue that will continue to be in place until some president and Congress decide to reverse them, that is, to increase taxes and make cuts to popular programs.

Not only has there been little appetite to do that, many in Congress and the Trump administration seem to be hellbent on ignoring the deficit and national debt and increasing spending and reducing revenue even further.
://www.usatoday.com/story/opinion/2018/08/20/donald-trump-trillion-dollar-plus-deficits-fiscal-ruin-column/986236002/

Since you brought up Trump, let me know when he surpasses the amount the ex-rodent in chief stacked up. If I'm not mistaken he added more than all the previous presidents together.

That said, the accounting tricks used by the federal government Trump anything a city can do and there are numerous cities in trouble with unfunded liabilities. The hell of it is once they start jacking up taxes to cover some of the shortfall, people will just leave, hopfully not to a red state so they can ruin it also.

I'm not in favor of any group making promises they can't keep. My dad use to say "don't let your hummingbird mouth overload your alligator ass." That is an appropriate description of politicians who promise their constituency the world then get rich, die or move before the bill comes due.

 

[ctrawick]

Been a long time since I have heard that phrase. It is very true..

 

[JimmyBob]

My dad use to say "don't let your hummingbird mouth overload your alligator ass."

Damn, it's alligator mouth overloading your hummingbird ass!




At least it is in Creek County.

 

[windriverrange]

Damn, it's alligator mouth overloading your hummingbird ass!




At least it is in Creek County.

Yep you are so right.....funny I got up to let the dogs out and realized it was as you said.