Black People : Cities where we are Concentrated may go Bankrupt in 2011

Discussion in 'Black People Open Forum' started by Ankhur, Dec 30, 2010.

  1. Ankhur

    Ankhur Well-Known Member MEMBER

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    Global Research, December 29, 2010
    The Business Insider


    2011 will be the year of the municipal default. At least that's what analysts like Meredith Whitney predict, as do bond investors that have been fleeing the muni market.

    There are many reasons to be worried. First, the expiration of Build America Bonds will make it harder for cities to raise funds.

    Second, city revenues are crashing and keep getting worse. Property taxes haven't reflected the total damage from the housing crash. High joblessness is cutting into city revenues, while increasing costs for services.

    The next default could be a major city like Detroit, or it could be one of hundreds of small cities that are on the brink. Did we leave off your ailing city? Let us know in the comments.




    New York, NY

    Deficit through June 2012: $2 billion

    Budget in FY2010: $63.1 billion

    Annualized gap: 2.1%

    Estimates of the NYC deficit range from $3.6 billion according to Comptroller John Liu to around $2 billion according to the Independent Budget Office. Everyone agrees that the deficit will be worse if New York state cuts aid as part of its own deficit reduction plan.

    Mayor Bloomberg has already started to address the FY2012 deficit, calling for layoffs in all city agencies, closing 20 fire departments at night, and reducing services for seniors, libraries and cultural centers.


    Cincinnati, Oh.

    Deficit through December 2012: $60 million

    Biennial budget FY2009/2010: $2.5 billion

    Annualized gap: 2.4%

    Helping the budget in Cincinnati depends largely on changes in the police and fire departments. The city can either get $20 million in concessions from the two unions, lay off 216 firefighters, or outsource the police force to neighboring city, Hamilton.



    Los Angeles, Ca.

    Deficit through June 2012: $438 million

    Budget in FY2011: $6.7 billion

    Annualized gap: 4.4%

    The Los Angeles City Administration Office plans to cut 225 civilian positions in the LAPD, reduce firefighting staffing, and eliminate a dozen positions in the City Attorney's Office and General Service Department. The deficit will only get worse unless an effort to privatize parking garages is approved. If not, the city will require more layoffs, furloughs, and curtailed hiring.

    Last year's deficit was even larger, totalling nearly $700,000.

    Washington, D.C.

    Deficit through September 2012: $688 million

    Budget in FY2011: $8.89 billion

    Annualized gap: 4.4%

    Council member Tommy Wells proposed tax rate increases which were voted down, but Wells says he will continue to push his proposal. Wells' proposal seems reasonable as residents making $100,000 a year would only pay $63 more in taxes per year. This is a small price to pay that would benefit the city immensely.

    Newark, NJ

    Deficit through December 2011: $30.5 million

    Budget in FY2010: $677 million

    Annualized gap: 4.5%

    Newark's deficit was $83 million before Mayor Cory Booker initiated a plan to sell city-owned buildings, raise property taxes to 16 percent and decimate the police force. Nontheless, Moody's cut Newark's rating to A3 citing its $30.5 million remaining deficit.

    Detroit, Mi

    Deficit through June 2011: $85 million

    Budget in FY2011: $3.1 billion

    Annualized gap: 5.5%

    Detroit's city government has cut costs with layoffs and by leaving currently vacant positions open. Mayor Bing's emergency fiscal plan includes demolishing houses and cutting police and trash services to 20% of the city.

    Last year the city council pushed through severe cuts to fill an over $700 million deficit.



    Paterson, N.J.

    Deficit through December 2011: $54 million

    Budget for FY2010: $225 million

    Annualized gap: 24%

    As a "last resort," Paterson is considering laying off 30 percent of its police force, said councilman Steve Olimpio. This will put 150 police officers out of work.

    Chicago, Il

    Deficit through December 2011: $654 million Closed

    Budget in FY2010: $6.8 billion

    Annualized gap: 9.6%

    Mayor Richard Daley has balanced the budget, but absolutely ruined Chicago finances from here on.

    His FY2011 plan uses up nearly the entire revenue from a long-term lease of the local parking system and airport, which he passed in 2008. The multi-billion lease deal was supposed to last for decades, but it only lasted two years. The best hope for the future is building a city-owned casino.
    www.globalresearch.ca

    and a possible solution from Dr Claude Anderson

    http://video.google.com/videoplay?do...3412380787591#
    (Completely in audio, as well)
     
  2. jamesfrmphilly

    jamesfrmphilly going above and beyond PREMIUM MEMBER

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    the news is that states like new jersey will be permitted to go bankrupt in order to escape the union contracts.
     
  3. Ankhur

    Ankhur Well-Known Member MEMBER

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    Of course White Supremacy is consitant in destroying or attacking the modal;itites that thier childen used to succeeeda dn get ahead as soon as "too many of us" enter it

    How many municipal community and four year colleges charged tuition in back in the day adn are now raising thier rates per credit to privae school levels, now that sisters and brothers are breaking down the door with qualifications to get in and a desire to study

    how many parocjhial schools are now closing down cause "too many of us" are getting in and sisters and brothers of all walks of life are working two jobs to get their children a better education?

    So now the faher to son union conspiracy is falling apart and more and more sisters and brothers are entering what used to be white only trade unions

    here comes these vampires seeking to hate on the unions now!

    The real quesion is when do we unify to create a safety net for the inevatable

    in a GOP congress, environment,
    that desires to return Jim Crow and,
    seperate but light years from eqaul?
     
  4. jamesfrmphilly

    jamesfrmphilly going above and beyond PREMIUM MEMBER

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    union members can vote

    :10500:well, when they do move on the unions and their pension funds we will see what will happen
     
  5. jamesfrmphilly

    jamesfrmphilly going above and beyond PREMIUM MEMBER

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    :fyi:the deficit can be eliminated at any time by one action. stop military spending.

    withdraw from the two wars and cut the pentagon budget in half.
    that and restoring the tax on the rich will give us a surplus.

    the "deficit" is a man made construct that has been set in place to steal from the poor who seemingly will accept any abuse.

    when this thing blows it will be a dozy.
     
  6. Ankhur

    Ankhur Well-Known Member MEMBER

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    That's what I am talking about and there is no reason why with a trillion bucks we should wind up inwhat one brother said at each others throats when the bottom of the bucket falls out

    we should instead be networking for our own Black safety nets
     
  7. Ankhur

    Ankhur Well-Known Member MEMBER

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    That is the way these marauders work

    Since the late 70s they (NYC gov) have seen how many black folks entered civil service and then tried to change and reverse the pension statues and provisions that white workers benefited from
     
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