Possible future bankruptcies: Portland, Santa Fe, Minneapolis, Chicago, Cincinnati.
Pension liabilities are extreme.

Anyone care to guess what all of these cities have in common? Hmm?

http://www.foxnews.com/politics/2013/07/22/detroit-bankruptcy-raises-concerns-about-other-us-cites-under-huge-retiree-debt/

When the first state throws in the towel, people MIGHT take notice...maybe.

liberalism and unionism



the American public can no longer afford either.

the biggest cities are next no particular order...

they are all "Liberal" to a measurable degree

Maybe Robocop will actually happen. The corps buy the city, and they run the police and the local goverment.

"What do you mean we ran out of other people's money?"

And the only reason the fed hasn't is because they can print or borrow their way out. Back to the original question, just how long can they keep kicking the can down the road.

Obama will bail out Detroit.

Mark my words.

We pretty much did already when we bailed out the automakers.





 

Harrisburg, Pennsylvania's state capital went bankrupt back in 2011

Democrat mayors?

That was just the first salvo.

Philly is kicking the tires on the Bankrupt mobile as well
 

Does it really matter?  These bankruptcy stories have been going on for the last 2-3 years now.  It makes a big commotion, some news stories, and then its business as usual.  They continue like nothing ever happened.

DING! DING! DING!

We have a winner!

Providence, RI could go

They're made of wood?

Yep, to the Left, there solution is always MORE money, they just didn't spend enough.



 

Stockton, CA already fo'ed

And it was such a success, I'm sure they'll do it again.
And again.

Republican leadership in Detroit is to blame.
Mitt Romney and don't forget













Bush!

And when he does, 100s of other cities will show up, hat in hand, wanting it too.

Which is to say he bailed out the UAW.

As for the rest of the cities, Obama already bailed them out when he allowed "stimulus" funds to be applied to operating expenses incurred by states and cities.  They all used the money to avoid the fiscal pain of their bad decisions instead of investing it in construction projects, etc.  Almost none of the stimulus money went to "shovel ready" projects - it all got siphoned off into teacher salaries, union pensions, and everyday graft during contracting out for construction projects.  That's one reason why the recovery has been so slow - the stimulus had no multiplier effect, it just kept cities from sinking faster.

Phiily and Baltimore about to go bankrupt too?

Yup.....It will take an entire state to go bankrupt for people to finally take notice.

Pretty sure Birmingham is fucked as well (fiscally, that is.)

Posted Via AR15.Com Mobile

Minneapolis, no question about it. I LIVE here.

The property taxes for smallish houses is unbelievably high. In the hood, where I live off Chicago and Franklin, I stupidly bought a house back in the 90's and paid it off. My property taxes last year were about $5000. Granted I have a tenant (My house is a duplex) at $1000/month, but when just North of the city limits in Columbia Heights the property taxes for a significantly nicer property aren't even half what mine are, things are becoming a problem. I remember my girlfriend's father's property taxes in Woodbury, an exclusive suburb, were a third what mine are and they lived in an area called "Evergreen" where the houses are $400,000+ apiece.

As a result of this the homeowner occupied rate in Minneapolis is dropping like a lead balloon. Rental property can be profitable, barely. If you've got high density property, then things can get profitable, but you also have a significant uptick in crime, but who cares because you don't live there anyway. When absentee homeowners are the rule, things start going downhill fast. Section 8 housing is on a fast-track to the top. (If you don't know what Section 8 housing is, it's where the government throws a subsidy at the tenant's rent/utilities, and if a property owner accepts it, they pretty much lose all rights to their property and can never stop accepting Section 8. Once things start getting really bad, all the white people and most of the other race's middle class jump ship with a quickness.

Businesses are being soaked with taxes to the point that they either have to move outside the city limits or be unprofitable. They're moving out in droves. Then we've got *LITERALLY* the stupidest Governor and Mayor possible in Mark Dayton and R.T. Ryback. The Governor just signed legislation that would absolutely heap even more than the previously ridiculous taxes on our businesses. When the businesses said, "Hey, if you do this, we're going to move to Wisconsin, Iowa, or S.Dakota" the state legislature, owned by uberlibs with a retard at the top, pushed it through anyway. We don't even know how many jobs that one stroke of a pen cost Minnesota, but I'd wager it's in the thousands.

Couple all this with a massive influx of immigrants, all on the government teet. Hennepin County has literally the highest welfare system in the United States. Is it any wonder why we also have the most Somalians?

The businesses are leaving in droves, and the cost to the city is climbing steadily in not only people on the city dole, but former workers and whatnot. When the businesses all leave, and the people who own the property can no longer to afford to pay for upkeep, Detroitification sets in. Minneapolis is, at most, five years from full on Detroitification. It's truly too bad too. Minneapolis used to be a really nice, clean city, with a huge amount of great resaurants, lots to do, decent people.

You forgot the second part:

"Just tax them MORE!!!"

Shit, our whole county is fucked.

There are plenty of mini-Detroits scattered all across the country.

Virtually any municipality and almost all states are in no different of a position.  Detroit isn't the first, it's only the largest to date.

 

+ often a fair amount of African tribalism.

Philly, possibly.  Baltimore is planned to go sometime in the next 15 years or so, if I remember correctly.  No problem, though.  The rest of the state will have their taxes raised to support its drug-addled little brother.

liberals blame Reagan, and both bush's for those cities downfall....I was just reading a msn article about an oil rig fire and someone mentioned detroit being a shit hole due to it being dem controlled for 60 years,

and some libtard just responded by saying its republican right wing presidents that killed off detroit.

Not true, at least in my area.

That said they are only a election away from it. Libtard Dems can ruin a budget in a term to where it takes years to recover. Most municipalities that do a decent job of keeping taxes low run on the razor's edge anyway so it does not take much to upset the apple cart.

The wildcard in the mix is fed .gov unfunded mandates for things like sewage/water treatment and it can put the best run town in the red in short order. I firmly believe that regulation is the bane of small and large communities alike, even more so than debt because you are never out from under the heel of fed .gov oppresssion.

Camden, NJ has to be on that list.  Worst I've seen personally.  Think I Am Legend.

My Top 3 for "Who's Next" are as follows:



Chicago

Sacramento

St. Louis

Chicago will be one of the next if not the next.  What a stinkhole of a city.

Rust belt cities first.


Chicago
Cleveland



In Ohio, I think Cincinnati is safe. They have a lot of non industrial work, banking, tech, etc. Columbus is safe for sure, as its the state capital and you have a lot of people who live in the city propper.


Cleveland though, is tanking hard.


Chicago, I hope gets cut off and sinks.

spni

I pretty much all cases, unemployment/drop in population are the main reason.

Ed Snow of MSNBC said Republicans were to blame.

The American Recovery and Reinvestment Act of 2009 directed Billions of fiscal relief to states (free grants) and still goes on today. If you don't think Obama won't bailout states/cities union pensions (mostly Democrats) you are living in a dream world. Problem is no one will be able to bailout our Federal Government when dollars become worthless.

What do they have in common?
1. Unrealistic 10% yields projected on retirement investments so not enough money was invested in the first place
2. Crime wave and people move to burbs erasing Tax base
3. Higher unemployment due to recession
4. Democrat run OFC

Maryland already is raising taxes to support Baltimore. Bay Bridge toll going from $2 (and making profit at $2) to $6 with another increase coming. Gas tax going up1% for the next five years in addition to the current tax.  Rain water tax.  Millionaire tax. In tease sales tax.  All done by Martin Omalley.  Former Baltimore mayor, current MD governor, and future presidential candidate.

A long time. Fed can gin up unlimited cash and make up any shortfall. Issue is it destroys savings/bond market and eventually Nations will reject dollars as world reserve then hyperinflation will kick in. Saudis will say we want $10,000 a barrel. etc. Our purchasing power is already being destroyed. They claim there is low inflation but they keep moving goal post on how it's tabulated. Just look at gas or milk 10 years ago was ~ half.

20 years from now I may still get a $2200 SS check but wont go far if gas is $50 a gallon.

0bama wants exactly that. Cloward-Piven describe how overwhelming the system and bringing a collapse can result in a progressive/communist take over.

Dangerous game. Couldn't it just as easily go fascist like Germany or Spain?

Is there a major city that doesn't have liberal leadership?