46 Of 50 States Could File Bankruptcy In 2009-2010
There is a high chance a majority of the States within the United States of America could file for Chapter 9 bankruptcy. There are currently 46 states with high budget deficits, Arizona being one of them.
In fact, Jan Brewer, the newly appointed Governor of Arizona has a major crisis on her hands, one that Arizona and national media isn’t covering. The alarming news is the State of Arizona has 90 to 120 days before they completely run out of money. After that, all bills and tax refunds owed to the citizens will go unpaid.
Before Janet Napolitano left for her new Homeland secretary position, she had a stand-off with Arizona Treasurer Dean Martin. The AZ Treasurer forewarned Napolitano about Arizona’s financial crisis, but she refused to heed his words.
With neighboring California on the verge of bankruptcy this year, many States will follow in their steps.
Many States are already scurrying to cut unwanted costs, cut State-funded programs, raise taxes, not issue tax refunds to their citizens, and borrow money just to survive in 2009. Unfortunately, many banks — the same banks the Fed bailed out — are refusing to loan money to the States and their Treasury agencies.
The article, State Budget Troubles Worsen, at the Center on Budget and Policy Priorities website is an excellent piece to read. It shows where each State currently stands in these challenging economic times, and you see 46 of the 50 States are clearly in the financial red.
It’s very possible you’ll see the end of the United States as we know it. If the Fed doesn’t bailout the States when their cash dries up and the banks don’t loan them money, then our States will be left in financial ruin. This would be a tragic and unprecedented event never experienced in the United States.
No State has ever filed bankruptcy, but it could be coming to a State near you this year.
We are on the brink of something far worse than the Great Depression.
UPDATE: Check out the newly published article, Survivalism: How to Prepare for the Economic Collapse. There’s also a printable 4-page newsletter you can download and share with your friends, family, and co-workers. Take action and help spread the awareness of this life-threatening issue.
In looking at the map, I see many states that would be in surplus instead of bankruptcy, if only they would be allowed to drill the oil they have within their borders. If they have none, then they could build a refinery for their neighbors who do.
Absolutely all states would benefit by getting rid of the illegal aliens they have burdening their entire infrastructure.
Two suggested videos on this topic:
http://www.pyrabang.com/view.php?ref=dandan&post_id=32425
Immigration 103: American Trauma
American Trauma – Jobs and The Economy. Part three of video series.
http://www.pyrabang.com/view.php?ref=dandan&post_id=32429
Immigration 106: The Emergency Room
The Emergency Room – Immigration and The Welfare State. Part six of video series.
Im moving to Texas. I think everybody is going to try to move there. If that happens, then Billings Montana might be the place to be.
Lies! Seriously where do you get these so called facts because VT is nowhere near bankrupt and is actually rather well off?
You’re off your rocker. A State cannot file for bankruptcy – it’s not a legal move. They can default on debt, lay people off, etc. And this is not a depression. 30% unemployment is a depression. We could have been there if the Fed had not acted in the Fall, but they did and we are not. It’s tuff – no doubt. I own a small business and have felt this for a year and a half. But hocking fear as fact is pathetic. However, someone is always doing it no matter the circumstances so why not you this time around?
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Yes, a state can file bankruptcy – Chapter 9
http://www.uscourts.gov/bankruptcycourts/bankruptcybasics/chapter9.html
In order to cut state expenses, why don’t we consolidate into different regions instead of states. In this way, we will be able to cut governors and other redundant positions. And get rid of the senators altogether!! They cost way to much money and do not listen to the people anyway!!
In response to “s” and posting, no – a state may NOT file for bankruptcy under Chapter 9 – only municipalities with many caveats, if you read closely, and a state is NOT a municipality. Therefore the premise of this entire article is false.
Dorie Burch, you are a genius! I’d love to hug ya. How would you like to be president?! xoxo
You are absolutely right! State budget deficits are all out of whack because of the whacked out job thing where there is so many union jobs and unfunded, unsustainable promises made year after year after year to the unions. It has been going on way too long and now it’s coming home to roost. More worse (as they say in Hawaii, known for poor English grammer) is now for the first time in history, as of Friday according to the Bureau of Labor Statistics, the majority of American union members work for the government -where there is no competition. What does that mean? It means costs (promises made to these union employees) will keep going up so more and higher taxes and cut services will have to continue. There is NO way around it. It’s simple, not rocket science.
Please add my blog: http//:www.GetOffYourButts.net to your blogroll to help spread the word!
Aloha, Mikie
Obama has certainly accomplished one thing, he has pushed corruption higher than ever in the federal government, including a ‘coalition’ of unions as his crowning achievement. Everyone is trying to put government back into it’s box one tentacle at a time. I think the union tentacle needs to be amputated because it never belonged in the box in the first place. The Obama administration has brought downtown, Chicago-style corruption to 1600 Pennsylvania Ave.