State and Municipal Debt: The Coming Crisis?

State and Municipal Debt: The Coming Crisis? - House Oversight Committee -- 2011-02-09 - House Committee on Oversight and Government Reform. Subcommittee on TARP, Financial Services and Bailouts of Public and Private Programs. Witnesses: Ms. Nicole Gelinas, Searle Freedom Trust Fellow, Manhattan Institute; Professor David Skeel, S. Samuel Arsht Professor of Corporate Law, University of Pennsylvania Law School; Ms. Eileen Norcross, Senior Research Fellow, Social Change Project at the Mercatus Center; Ms. Iris Lav, Senior Advisor, Center on Budget and Policy Priorities. Video provided by the U.S. House of Representatives.

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Education

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[VeniVidiAmavi]

I support Ron Paul for President 2012!

★ Join the Revolution! ★

Restore America now!

The Champion of the Constitution

The Defender of Freedom

The Taxpayer's Best Friend

Spread the word!!

[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?