The Coming Massive Failure of Progressive/Liberal Democrat State and Local Government Debt Obligations–No Federal Bailouts By American Taxpayers!

Posted on May 10, 2010. Filed under: Blogroll, Communications, Demographics, Economics, Education, Employment, Energy, Federal Government, Fiscal Policy, Foreign Policy, government, government spending, Health Care, Homes, Language, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Rants, Raves, Regulations, Security, Taxes, Technology, Transportation, Video, Wisdom | Tags: , , , |

Is California the Next Greece? 

100B Bailout Proposal for States

1. California

2. New York

3. Illinois

4. New Jersey

5.  Massachusetts

6. Michigan

7. Ohio

8. Wisconsin

9.  Louisiana

10. Connecticut

http://www.usgovernmentspending.com/California_state_spending.html#usgs302a

 

 

Peter Schiff discusses Greek Riots & Bailouts (5/May/10)

States Gone BROKE: California’s Billion Dollar Budget Debacles

 

California: on the edge of bankruptcy

 

The United States Of Debt

http://www.youtube.com/watch?v=YD6r1rfE1ag

 

 

10 Debt-Laden States Quickly Becoming The Next CaliforniaRead more: 

http://www.businessinsider.com/meet-the-us-states-that-will-default-on-their-debt-first-2010-3#connecticut-cds-spread-1190-bps-3#ixzz0nXxDCiJ3

United States public debt

“…When the government spends more than it receives in tax revenue, it borrows the rest by issuing US Treasury Securities. The United States public debt, or the national debt, is the sum of all these outstanding securities.[1] It should not be confused with the trade deficit, which is the difference between net imports and net exports. State and Local Government Series securities, issued by state and local governments, are not part of the United States government debt.[2]

The national debt is presented by the United States Treasury as two calculations: “Debt Held by the Public”, defined as U.S. Treasury securities held by institutions outside the United States Government, and the “Gross Debt” which additionally includes intra-government obligations (e.g. the Social Security Trust fund).[1]

At the end of first quarter of 2010, the gross debt was 87.3% of GDP, of which 56.6% was held by the public, and 44.4% was intra-governmental.[3] Within the remainder of this article the phrase “Public Debt” is employed as a shorthand for “Debt Held by the Public”.

The annual government deficit or surplus refers to the cash difference between government receipts and spending ignoring intra-governmental transfers. The gross debt increases or decreases as a result of this unified budget deficit or surplus. However, there is certain spending (supplemental appropriations) that add to the gross debt but are excluded from the deficit. The total debt has increased over $500 billion each year since FY 2003, with increases of $1 trillion in FY2008 and $1.9 trillion in FY2009.[4] …”

http://en.wikipedia.org/wiki/United_States_public_debt

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