Home > Arizona, Budget, Commentary, Economy, Federal Government, Governor, Politics, Revenue, Taxes > 46 Of 50 States Could File Bankruptcy In 2009-2010

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.

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  1. Robert Anding
    January 25, 2011 at 4:32 am | #1

    no states should not be allowed to go bankrupt this would only encourage the to follow the congesnal example of buying off voter groups. for political support. which is where all of this come from.

  2. Ron
    February 19, 2011 at 2:55 am | #2

    I expect that the United States Government will also declare Bankruptcy. Things are going to get bad, real bad.

  3. jsk
    April 15, 2011 at 2:30 am | #3

    All the latest Federal Budget News http://www.2012federalbudget.com

  4. dan
    April 20, 2011 at 3:22 am | #4

    U.S. states do not have the constitutional ability to file for bankruptcy protection. Only municipalities below the state level can do this, and not all states permit it. What you will likely see in the very worst case scenario is that credit markets will be shut to the states that are unable to service their debt. Do keep in mind that less than 10% (and in most cases less than 5%) of the money that a state takes in is spent on servicing its debt load. You are very unlikely to see defaults at the state level. They will cut services until not a single kid is in school before they shut off access to capital.

  5. End Timez
    May 24, 2011 at 11:58 pm | #5

    I believe in the begining of 2013 44 STATES WILL FILE CHAPTER 9
    SO IN KNOWING THIS WE SHOULD GET OUR HOUSES IN ORDER SPIRITIAL, AND PHYSICAL. PUT OUR BELIEF IN YESHUA THE CHRIST STOP THE ADULTRIES,LIES,FORNICATIONS AND WITCHCRAFTS.

  6. June 19, 2011 at 11:44 am | #6

    End Timez :
    I believe in the begining of 2013 44 STATES WILL FILE CHAPTER 9
    SO IN KNOWING THIS WE SHOULD GET OUR HOUSES IN ORDER SPIRITIAL, AND PHYSICAL. PUT OUR BELIEF IN YESHUA THE CHRIST STOP THE ADULTRIES,LIES,FORNICATIONS AND WITCHCRAFTS.

    If you also learned how to speak….

  7. June 21, 2011 at 2:31 pm | #7

    Good report in addition to simple to help realize explanation. How do When i try obtaining permission to help publish element on the content around my approaching e-newsletter? Giving correct credit ratings to your account this article author in addition to hyperlink towards webpage would not become a dilemma.

  8. July 11, 2011 at 8:53 am | #8

    Just journalist touch with this particular publish… I loved the read. Thanks

  9. July 23, 2011 at 6:28 pm | #9

    true… you know what they say…Inflation is the one form of taxation that can be imposed without legislation -Friedman

  10. Sara
    November 13, 2011 at 1:06 am | #10

    We’re getting ready to go into the New World Order, one world Gov’t currency & rule under the Anti Christ. Look up your redemption is close @ hand with the return of Christ the King of Kings & Lord of Lords. It is time to get our lives on the right path, ask for forgiveness of our sins, accept Christ as saviour & keep occupied doing his work until he comes

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