California to default next week!
- Thread starter peilthetraveler
- Start date
But we have problems they don't...
1. HUGE Boomer generation ready to retire and make demands upon the social and economic structure [assets not reserved for the cost]
2. The US sees itself [wrongly in my eyes] as "policeman to the world"... at great military and financial expense.
3. We've got MILLIONS of aliens [legal and illegal] wanting to be in the US to leech from our social system...
Agreed. Thats why you have to at least get some physical silver/gold. Worst that can happen when buying it is that the economy doesnt collapse and you take a small decline in the price of the gold/silver. Best that can happen is you are financially set.
Next recession ripple: State deficits could rise to $150 billion in 2009
Posted Dec 30th 2008 3:45PM by Joseph Lazzaro
What could very well be the next shoe to drop in the U.S. recession? State budget deficits.
States could be battling deficits totaling as much as $150 billion in 2009, so says economist David H. Wang.
"As many as 44 or 45 states could be facing deficits in 2009," Wang said. "It's probably one of the least publicized aspects of the cyclical downturn, but one the nation will have to address, nevertheless."
The primary deficit culprits? Decreased revenue from income and sales taxes (fewer people working, decreased consumer spending), and increased social service payments for unemployment compensation, and other social services, such as Medicaid, Wang said.
The National Conference of State Legislatures forecasts that states will have to close deficits totaling as much as $97 billion over the next 18-24 months, or by the end of 2010. Wang called the NCSL's forecast, "very conservative, and somewhat dated, particularly in light of recent, weak economic fundamentals."
One example: California, which the NCSL research projects to have an $8.4 billion gap in fiscal 2009. The reality: the California budget deficit is expected to rise to $42 billion over the next 18 months, Wang said.
Fiscal Policy / Economic Analysis: Deteriorating fiscal conditions among the states brings to the forefront the need for federal assistance to them, and so far the incoming Obama Administration says it will be priority number two, just behind infrastructure work and related efforts to jump-start the U.S. economy. Here's hoping the new administration keeps budget relief for the states a top priority.
Posted Dec 30th 2008 3:45PM by Joseph Lazzaro
What could very well be the next shoe to drop in the U.S. recession? State budget deficits.
States could be battling deficits totaling as much as $150 billion in 2009, so says economist David H. Wang.
"As many as 44 or 45 states could be facing deficits in 2009," Wang said. "It's probably one of the least publicized aspects of the cyclical downturn, but one the nation will have to address, nevertheless."
The primary deficit culprits? Decreased revenue from income and sales taxes (fewer people working, decreased consumer spending), and increased social service payments for unemployment compensation, and other social services, such as Medicaid, Wang said.
The National Conference of State Legislatures forecasts that states will have to close deficits totaling as much as $97 billion over the next 18-24 months, or by the end of 2010. Wang called the NCSL's forecast, "very conservative, and somewhat dated, particularly in light of recent, weak economic fundamentals."
One example: California, which the NCSL research projects to have an $8.4 billion gap in fiscal 2009. The reality: the California budget deficit is expected to rise to $42 billion over the next 18 months, Wang said.
Fiscal Policy / Economic Analysis: Deteriorating fiscal conditions among the states brings to the forefront the need for federal assistance to them, and so far the incoming Obama Administration says it will be priority number two, just behind infrastructure work and related efforts to jump-start the U.S. economy. Here's hoping the new administration keeps budget relief for the states a top priority.
How poorly run is california...you replace one moron governor with another one.
Arnold has no experience in politics and he got elected!!!
How fucking stupid!! From now on only experienced intelligent successful finance people should run for office. People that can actually solve these problems.
Don't people realize Arnold doesn't have the brain power to do it.
I saw George Soros talking on T.V. about the financial crisis and how he basically predicted it and he had a lot of good ideas on how to fix it. That's the person I want in office....someone that actually has an idea of to fix it. If someone is smart enough to make 1.1 billion dollars in one day trading...that's the person I want in office. Not some moron bodybuilder that doesn't know shit....just my 2 cents
Arnold has no experience in politics and he got elected!!!
How fucking stupid!! From now on only experienced intelligent successful finance people should run for office. People that can actually solve these problems.
Don't people realize Arnold doesn't have the brain power to do it.
I saw George Soros talking on T.V. about the financial crisis and how he basically predicted it and he had a lot of good ideas on how to fix it. That's the person I want in office....someone that actually has an idea of to fix it. If someone is smart enough to make 1.1 billion dollars in one day trading...that's the person I want in office. Not some moron bodybuilder that doesn't know shit....just my 2 cents