NYT: States face Greece-style debt woes-The real 800lb gorilla

Article:

California, New York and other states are showing many of the same signs of debt overload that recently took Greece to the brink — budgets that will not balance, accounting that masks debt, the use of derivatives to plug holes, and armies of retired public workers who are counting on benefits that are proving harder and harder to pay. And states are responding in sometimes desperate ways, raising concerns that they, too, could face a debt crisis.

Source: www.msnbc.msn.com...

You know when the NYT starts telling the bad news, stuff is going to hit the fan-they getting us ready.

The real 800lb gorilla is all the State and Federal entitlements. SOMEONE needs to start moving on that. It is hard for any Republican to do or say anything as they'll be branded a racist/elistist and so forth. You know no Democrate is going to say anything. Then who?

I say us, the working and tax paying citizens in the US. The only way I see that happening quickly is the Tea Party Movement. Think about it.

If you don't already, I suggest you start watching/reading the Financial sites/papers. Very interesting how the rest of the world seems to know that the US is going to take a hard fall but with the MSM help in the US, just another: We Love POTUS Obama-the Supreme Leader daily love fest. It may just be our doom.

reply to post by anon72


Look man I agree we with you, the Nanny welfare state has to end, but it won’t. We Americans tend say one thing then throw a fit when it gets done. You know as well as I do, that TPTB want America to collapse, they want and need to bring on their NWO. The EU is weak and a push over, The U.K has none of its former power, and China could not carry out a prolonged war. And Russia well Russia is just Russia. So who stands in the way of their global hegemony?? The American People, with our Guns and God.

There are more Guns in this country then there are people, so how do you destroy it? Either Collapse it or Instigate a Civil War. To me it looks like there trying to do both, the collapse the system, then all hell breaks loose.

It becomes open season on the "rich" and the power brokers, that we know of mainly Congress..... They want it to collapse why else would they be spending like crazy?

Bump*

im not sure a whole lot of folks know about this. some of us on ATS do, i did, some other folks know... but i doubt the working mother and father do... i wonder if its ever happened before... what would happen if states default on debt? i would imagine itd drag the whole US down with it wouldnt it?

reply to post by TheCoffinman


Your right it would, I once heard that we are three meals away from anarchy, or something like that. Once Americans cant eat, or watch there stupid TV shows, thats when they will get pissed. We have become a Lazy, Trusting nation, many will die it is a a shame.

I am optimistic about this...this will require some radical new thinking on states...California has a good plan in the works...

and thats all I got to say about that

Spineless thieves .... Instead of dumping social services for the minority of people they are going to let us all go in the crapper. All they care about is votes and the ability to loot the American people. When they gig is up they will flee the country with their riches and leave us to wallow in their filth. I sure hope when it goes down that justice is extracted out off all the people that destroyed the system. I'm talking about justice for the highest crook to the lowest crook. Maybe if their lives were forfeit and their assets and families assets were seized maybe an example would be set for future leaches. I doubt it will happen though because society is full of leaches and it will be hard to get them all but they still owe the middle class a debt they can never pay back.