State and Municipal Debt: The Coming Crisis?

[VeniVidiAmavi]

I support Ron Paul for President 2012!

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Restore America now!

The Champion of the Constitution

The Defender of Freedom

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[ScrewSocialism]

Congress will spend 800 BILLION bailing out private banks but they can't help the states that are drowning in debt because of the Federal Reserve caused inflation.

States...Nullify all unconstitutional laws using the 10th amendment. Abolish Federal Income taxes. Raise your state income taxes. Create a Statewide Free-Trade zone...And watch the money roll in, you will be the wealthiest state in the union in no time! Just look at Singapore...a great example of what free trade can do.

[deadman12078]

44:00 "States have all the tools they need to manage their finances." Yes, they have plenty of ways to force people to pay.

I can't watch anymore. This is disgusting.....

[deadman12078]

Forgot to mention the closed circut cameras installed throughout a city with very little crime.

[deadman12078]

I saw some of the stimulus in my city....

They renovated the local post office and replaced a perfectly intact parking. They ripped up and replaced city streets that were in good condition and left other streets in need of dire repair untouched. The police have new cars and nifty cameras that can read your licence plates and show your vehicles legal status.

Yup, money well spent....

[myHome109]

Dearest Congressmen and Congresswomen,

According to the simple interest calculation, no amount of taxation or asset confiscation can solve this problem. The math and accounting does not work.

The raises and pension raises that have not been paid need to be crawed back.

Government workers need to put they own real money into funding the pension and healthcare benefits. Retirees cannot get automatic COLA that must stop.

[myHome109]

How can you allow a $100 Trillion dollar no asset phantom investment to continue?

The entire wealth of USA is less than $60 Trillion.

Please remember the Constitution of USA, Government are not allowed to take assets without just compensation. Transferring asset to people who are not providing service for the country is not just compensation for tax payers.

Freezing what is promised is not zero. They are getting what is owed and promised.

[myHome109]

If the actual amount of expenditure is $3.7 for government union pension in 2010 and $4.1 Trillion for 2011, then using Ms. Lav’s earning on no asset “phantom investments”.

Low estimate of phantom investment assets.

$3,700,000,000,000 / 8% = $46,250,000,000,000 or $46.25 Trillion

High estimate of phantom investment assets.

$4,100,000,000,000 / 4% = $102,500,000,000,000 or $102.5 Trillion in investment assets.

This is not including $2 Trillion SSA or $50 Trillion Medicare Medicaid.

[myHome109]

Dearest Congressmen and Congresswomen,

The Government Union Pension asset valuations are just laughable if not for the suffering it can cause.

Total Pension expenditure $3.7 (2010) to $4.1 Trillion (2011)

Total collected for Pension $2.2 Trillion (2010)

Amount Short $1.5 (2010) to $1.9 Trillion (2011)

[myHome109]

Dearest Congressmen and Congresswomen,

According to Ms. Lav, the government union pension funds investments are earning 8% and can make up the current accounting short fall. Last week an updated pension audit report was published by Washington Post stating the State and Municipal pension deficit are $1.9 Trillion. At 8% earning the unions must have $23.75 Trillion in assets.

Why are Multi-Trillionaires behaving like aggressive pan-handlers with loud begging bowls?

[myHome109]

Dearest Senators,

Remember, My calculation is for only the deficit (net short for the annual expenditure) it does not take into account all current expenditures. Therefore Ms. Lav's fictional no asset investment look more and more like Mr. Madoff Ponsi Scam.

Do American tax payers need to pay into an involvent known PONSI SCAM with no assets?

[myHome109]

Dearest Senators,

According to the latest estimates, the entire market capitalization of all stocks in USA is $50 Trillion.

Can you please ask Ms Lav to show American Tax Payers where the Government Union Pension fund investment assets are?

Ms Lav's testimony, the pension funds have historically achieved 3.9% growth for last ten years. Latest accounting show pension deficit have grown to $1.9 Trillion. At 4% return Ms. Lav will need $47.5 Trillion in asset. Where is the asset?

[myHome109]

Stop using PL98-21 to raid fully funded Social Security Trust fund to finance government labor union pension Ponsi Scam.

Restore Accountability repeal PL104-4 unfunded mandates.

[myHome109]

The municipal bond market is estimated as $3 Trillion and the Federal debt is $14 Trillion. The Government Union Pension fund must have $47.5 Trillion earning 4% to pay the $1.9 Trillion current year deficit. At 8% these government workers need to have $23.75 Trillion invested to cover the pension deficit. Like Maddoff no asset investment.

Question, Are the American Tax Payers required to pay into a known PONSI SCAM? The gov workers no asset investment, PONSI SCAM.

[myHome109]

Please remember the President stated Congress must increase the debt ceiling about $14 Trillion to prevent government shutdown. If the total debt issued by the USA government is 200% to 350% less than the entire holding by Government Union pension funds and the total asset valuation of all the stock holding on Wall Street. Isn’t it time to ask,

…and what the heck have Government Workers been drinking and smoking?

[myHome109]

This implies the government workers saved enough money to equal 80+% of all assets in USA. When the calculation show the government workers saved enough money to own all of Wall Street Investments, 80% of all real estate assets in USA, 80% of all mining assets in USA, 80% of all farm productions?

Don’t we need to ask the government workers to show us the title to all their holdings?

[myHome109]

If we use the historical data supplied by Ms Lav of 4% return for the last 10 years, then the amount of assets the Government Workers need to have in investment just to cover the current account short fall for this year is $1.9 Trillion / 4% = $47.5 Trillion Dollars.

$1,900,000,000,000 / 0.04 = $47,500,000,000,000

[myHome109]

In the news the review of current year government pension deficit are approaching $1.9 Trillion. Using the Ms Lav’s 8% growth in pension investments, presented during the congressional hearings, the accounting will require the government workers to have $1.9 Trillion / 8% = $23.75 Trillion invested.

$1,900,000,000,000 / 0.08 = $23,750,000,000,000

This number implies the government pensions own all the investments on Wall Street.

[bpartoens]

If the USA were to inact true health care reform (such as Hr 676 medicare for all), rather than mandating all citizens purchase health insurance from private corportations(who lined the pockets of people like Max Baccus ,who is a w_ore for the for profit health industry) states and cities would SAVE money paying for pesioners and new employees.

If the elected are truly "public servants", why do they have better health care bennies and retirement plans than the average US worker?