10 states face imminent bankruptcy

urkelMost everyone has heard about California teetering on bankruptcy, but 10 states? Its true according to World Net Daily. Those ten states (including California) include, Arizona, Rhode Island, Michigan, Oregon, Nevada, Florida, New Jersey, Illinois and Wisconsin. Hmm. Notice something with these states? Yes! Liberal controlled states! Arizona may have two “Republican” senators, but with one of them being John McCain, and their previous governor being Janet Napolitano, that should be all the info you need to know. California’s state House is of course 2-1 Democrat and Arnold Schwarzenegger is really a Shriver. Florida of course has RINO extreme Charlie Christ as governor.

World Net Daily also reports that the American Bankruptcy Institute reported personal bankruptcies surged 9 percent in October, with a 7 percent jump in business bankruptcies. Total bankruptcies in 2009 are expected to top 1.4 million, an increase of 30 percent from last year and the highest level since 2005.

The National Governors Association has reported state revenues across the nation were down 11.7 and 16.6 percent in the first two quarters of 2009, respectively.

The study further observed that state revenues will not return to 2008 levels in real dollar terms until fiscal year 2014, under the most favorable assumptions that the economy has already begun a slow and largely jobless recovery.

Red Alert reports that among the most severe problems facing the states is the outstanding liability of about $2.73 trillion in employee retirement, health and other benefits coming due over the next several decades, of which more than $271 billion is unfunded.

The National Governors Association presented the reality that “it will take states nearly a decade to fully emerge from the current recession.”

“The truth is that the recovery period could be even longer if the bankruptcy and unemployment picture does not improve,” Corsi wrote.

Just last week, Red Alert reported that the real unemployment number, including those who have dropped out of the labor force because they have become discouraged after looking for a job for a year or longer, was 22.1 percent for October 2009, not the 10.2 percent reported by the Bureau of Labor Statistics.

Budget crises mean cuts in welfare, benefits to illegals

As Red Alert has reported, Tom Blumer at NewsBusters has produced statistics that show California is in a welfare crisis, especially as unemployment in May rose to 11.5 percent.

Blumer produced charts to demonstrate that California has “chronically failed to do anything meaningful about its welfare population since 2002.”

As of Sept. 30, 2008, California with 12 percent of the nation’s population had a disproportionate 32 percent of the nation’s welfare recipients, up from 22 percent only six years earlier.

The incidence of California residents on welfare is almost three and a half times that of the rest of the country, Corsi noted.


No TweetBacks yet. (Be the first to Tweet this post)

Related posts:

  1. General Motors Bankruptcy All But Inevitable – Another $15.4 billion down the toilet So what does $15.4 in already wasted tax payer money...
  2. DDay for GM – GM files chapter 11 bankruptcy | Welcome to Government Motors I’m only 36, so I wasn’t around in the early...
  3. Illinois unemployment rate hits 25-year high at 10.1 percent From the state that us Hope and Change, Rev Wright,...
  4. 39 states would be hit hard with new expenses from ObamaCARE – hardest hit would be Texas, California, Pennsylvania and Florida Dick Morris explains how the “health-care reform” bills aka ObamaCARE...
  5. Majority of Americans say the United States is less respected in the world today than two years ago I thought Obama was supposed to make everyone around the...

Related posts brought to you by Yet Another Related Posts Plugin.

November 17, 2009 · Filed Under General Politics

Share/Bookmark

Comments

One Response to “10 states face imminent bankruptcy”

  1. peter on November 18th, 2009 4:13 am

    Illinois unemployment is on the rise, but conditions vary throughout the state according to this heat map:
    http://www.localetrends.com/st/il_illinois_unemployment.php?MAP_TYPE=curr_ue

Lets hear your point of view! - A warning to the liberal whiners who seem intent to flood our comment section with profanity. Save your keystrokes. The anti spamming script will just automatically delete your comment. Feel free to disagree with the host on any article posted here, but flame baits, racism, and profanity laced tirades will NOT be tolerated, and will eventually get your IP address banned!




www.e-referrer.com