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alstry (35.09)

THE WORLD'S BIGGEST DEFAULT....EVER!!!!

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August 07, 2009 – Comments (2)

THERE IS JUST NO MONEY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

It is getting clearer and clearer that U.S. Government at every level simply cannot cover their cover spend obligations and ability to borrow money will deteriorate as cash flow evaporates against rising expenses.

My prior blog delt with this issue at the National Level.

The problem is also affecting community after community across America.

CHARLESTON  -- City officials from around the state say their communities can no longer afford to cover the benefits of retired police officers and firefighters, so they are asking the state Legislature for help.

Specifically, they want state lawmakers to redirect a portion of state surcharges on insurance premiums to helping cities cover their retirement pension obligations. They also want to enroll new hires in new pension plans that help them save money.

If nothing changes, cities such as Huntington could have fewer police officers and firefighters on the streets as they are forced to cut back staffs because of increasing pension obligations. The city’s last six police and fire department retirees will likely draw $1.5 million each in pension benefits over the course of their retirements, even though each person made less than $900,000 during his or her career, according to Deputy Mayor Tom Bell said.

“What happened here is we just can’t afford to dedicate that amount of money” to pensions, Bell said.

Huntington is in the worst shape, but other cities around the state also are struggling to cover their pensions.

Collectively, city governments are facing $700 million in unfunded liability thanks to what officials say are the generous benefits paid out of the firefighters and police officers.

http://www.statejournal.com/story.cfm?func=viewstory&storyid=64166

 

Until we wake up and stop the Zombulator....things only get worse....A LOT WORSE!!!!!

 

2 Comments – Post Your Own

#1) On August 07, 2009 at 12:00 PM, jddubya (31.97) wrote:

Until we wake up and stop the Zombulator....things only get worse....A LOT WORSE!!!!!

Right.  We can't stop this so called Zombulator.  You're delusional.

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#2) On August 08, 2009 at 12:26 AM, LydiaVorst (< 20) wrote:

Where is the alstry blog about restructuring the debt????????????

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