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Breaking News Home | All | Religion | Society | Tech | Choice | Fridays | SA Newsroom
FRONT PAGE  |  11/22/2017
MONDAY, JUL 22, 2013  |  3 comments  |  1 commentary
Detroit not alone under mountain of long-term debt

From Baltimore to Los Angeles, and many points in between, municipalities are increasingly confronted with how to pay for these massive promises. The Pew Center for the States, in Washington, estimated states’ public pension plans across the U.S. were underfunded by a whopping $1.4 trillion in 2010.

For years, watchdog groups and public-sector analysts have warned of the threat posed by unfunded liabilities. Much like the legacy pension costs that weighed on Detroit’s automakers before the Chrysler and General Motors restructurings of 2009, the worry is that revenues can’t keep up with growing debt and that rosy predictions for market returns downplay the actual financial risk. ...


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Detroit Files Bankruptcy • 1,270+
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· Page 1 ·  Found: 3 user comment(s)
News Item7/27/13 7:25 PM
Domino  Find all comments by Domino
Wheton wrote:
The estimated population of the United States is 316,299,357
so each citizen's share of this debt is $52,946.05.
Solution: Add two parts immigration to one part American born.
3

News Item7/27/13 2:46 PM
Jim Lincoln | Nebraska  Find all comments by Jim Lincoln
Wheton, I guess we better start taxing the wealthy more! They've been getting a free ride for 30 or 40 years--or more! "The wealthiest Americans are paying some of the lowest tax rates since World War II." q.v., Is Our Tax System Fair? Survey Says: No.

But, this article just makes me laugh! I just have to mention it, since it such a great source of pride! Nebraska has more municipal going bankrupt than anywhere else in the nation! This just wants me to bust my buttons! Really though this isn't towns as such but or such, but are sanitary sewage district bonds? I have some also great bridges in NYC, I can sell you also.

2

News Item7/22/13 11:47 AM
Wheton  Find all comments by Wheton
"Detroit not alone under mountain of long-term debt"

Yes thats very true.
Whats the latest "trillion" figure which *America* owes???

"U.S. NATIONAL DEBT CLOCK
The Outstanding Public Debt as of 22 Jul 2013 at 03:43:06 PM GMT is:

$ 1 6 , 7 4 6 , 8 0 0 , 7 5 1 , 9 6 4 . 7 5

The estimated population of the United States is 316,299,357
so each citizen's share of this debt is $52,946.05.

The National Debt has continued to increase an average of $2.31 billion per day since September 30, 2012!"

http://www.brillig.com/debt_clock/

1
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