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.

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November 17, 2009 · Filed Under General Politics


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