chicago and a bankrupt US and money printing ala argentina

The whole premise of this thread is flawed. The Fed is not going to "give" money to Chicago so it can meet it's public school teacher's pension fund obligations.
 
Quote from L-Kabong:

The whole premise of this thread is flawed. The Fed is not going to "give" money to Chicago so it can meet it's public school teacher's pension fund obligations.
More...

bernanke will.
before your feathers start to fly, he will create inflation.
 
Quote from zdreg:

http://www.latimes.com/news/nationworld/world/la-fg-greece-tax-protest-20120923,0,1012980.story

chicago is greece.

vote with your feet.
More...
read the article. Tell me what you think about this. Since tourism is and could be an important source of revenue (if things ever settle down) why not a simple two tiered sales tax? All Greek citizens could carry a citenzenship card which qualifies them for the low citizens sales tax rate. And all non Greek citizens could pay a very high sales tax.

tourists are not likely to go through the intracacies of buying on the black market.

and this is a model that could also be used in California and Chicago.
 
Oldtime, thank you for clarifying your position on medicaid and food stamps. I understand now. I am assuming you meant to put a comma after "Don't" in your response to zdreg re weed. If that is correct, then I'm in total agreement on that issue.
 
Quote from oldtime:

read the article. Tell me what you think about this. Since tourism is and could be an important source of revenue (if things ever settle down) why not a simple two tiered sales tax? All Greek citizens could carry a citenzenship card which qualifies them for the low citizens sales tax rate. And all non Greek citizens could pay a very high sales tax.

tourists are not likely to go through the intracacies of buying on the black market.

and this is a model that could also be used in California and Chicago.
More...

"tourists are not likely to go through the intracacies of buying on the black market. "

tourists will resent being considered 2nd rate citizens and will go elsewhere.
 
Quote from piezoe:

Anyone who thinks that the taxpayer can escape the commitments made by their representatives are fooling themselves. In the final analysis, you won't save a dime by failing to honor your commitments. This issue is all about cost shifting. Those who eventually pay may not pay in dollars, but they will pay.

These problems serve to highlight how important it is to determine priorities in advance of commitments. For example, which commitment should have a higher priority: education at the primary and secondary levels or purchase of 2500 plus of unneeded, unwanted F-35 fighter jets. I use this as an example, because in that one purchase there is enough tax dollars to solve all of the teacher pension problems in all of the U.S. It is a matter of priorities. A great nation will have its priorities in order.
More...

http://www.cbsnews.com/8301-505145_162-57521043/high-school-students-whiff-on-sat/
teacher salaries should be cut in half.

piezoe - re:voting with your feet. your silence is deafening and expected.
maybe, in your thinking, people from chicago should not be allowed to move.
 
Quote from piezoe:

Anyone who thinks that the taxpayer can escape the commitments made by their representatives are fooling themselves. In the final analysis, you won't save a dime by failing to honor your commitments. This issue is all about cost shifting. Those who eventually pay may not pay in dollars, but they will pay.

These problems serve to highlight how important it is to determine priorities in advance of commitments. For example, which commitment should have a higher priority: education at the primary and secondary levels or purchase of 2500 plus of unneeded, unwanted F-35 fighter jets. I use this as an example, because in that one purchase there is enough tax dollars to solve all of the teacher pension problems in all of the U.S. It is a matter of priorities. A great nation will have its priorities in order.
More...

california
By KELLY NOLAN

Atwater, a city of roughly 28,000 in California's Central Valley, may declare a fiscal emergency as soon as next week, but it is trying to avoid becoming the fourth California city to file for municipal bankruptcy this year, its mayor said.

Under California law, a local government must either declare a "fiscal emergency" or go through a 60-to-90 day confidential negotiation process with its creditors before it files for municipal bankruptcy. Since late June, three Golden State cities—Stockton, San Bernardino and Mammoth Lakes—have filed for bankruptcy protection.

"We are planning to stay current on our...bonds," said Mayor Carol Joan Faul in a telephone interview with Dow Jones Newswires. "We are hoping to avoid" bankruptcy, she said, "but as far as I'm concerned, we may have to declare a fiscal emergency" on Oct. 3.

According to its fiscal 2011 financial statement, Atwater had roughly $95 million in outstanding debt, a mixture of bonds related to its sewer as well its now-defunct redevelopment agency. Ms. Faul said Atwater intends to make an upcoming bond payment of $2 million on its sewer bonds.
Related Video

Stockton, Calif., officially filed for Chapter 9 protection on Thursday, making it the largest-ever U.S. city to file for bankruptcy. Bobby White has details on The News Hub. Photo: Getty Images.

Atwater's intention to pay its bonds contrasts with moves made by Stockton and San Bernardino. Stockton has stopped making debt payments on debt tied to its general fund, and it is seeking to impose significant haircuts on holders of its pension debt. San Bernardino is also deferring payments on debt related to its general fund as part of a fiscal operating plan it approved in July.

Ms. Faul admitted Atwater's fiscal situation was bleak. Home values in the city have declined significantly since the real-estate bubble burst, she said, with the average home price falling from roughly $300,000 in 2006 to about $100,000 now. That has hurt property tax collections, which account for about 40% of Atwater's general fund budget, she said.

Meanwhile, Atwater's unemployment level is about 16% and almost a quarter of its residents live below the poverty line, according to U.S. Census statistics.

The city has a current general fund deficit of $3.2 million, she added.

"A lot of places around the country have come back, but not in the Central Valley of California," Ms. Faul said. "We are in dire shape...at one point we were one of the foreclosure capitals of the country, right behind Stockton."

According to RealtyTrac's most recent data from August 2012, one in every 200 housing units in Atwater received a foreclosure filing during the month. That rate was three times the national rate of one in every 681 housing units, while California's rate was one in every 340 housing units.

Mayor Faul added that she hoped declaring a fiscal emergency would allow Atwater to negotiate salary and benefit cuts with its 86 workers. Layoffs are also possible, she said. The city will also increase its water rates for the first time since the early 1990s, she said.

A fiscal emergency "would be part of a plan to solve our problem," she said. "It will help us come up with a way to restructure and get to solvency."
 
You must log in or register to reply here.
Back
Top