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Read more about the article Three Incorporated Municipalities broke – solution is simple!

Three Incorporated Municipalities broke – solution is simple!

Three Huge Cities Next In Line For Bankruptcy By Karen Riccio on 03/03/2014 3:33 pm in Featured, Market Commentary / 6 comments Detroit’s looming bankruptcy is making news again, this time focusing on current restructuring plans aimed to wipe out $18 billion in debt by axing pension checks of city retirees, including police and fire. […]

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Syndicated source: http://thearizonasentinel.com/2014/03/25/incorporated-municipalities-all-across-the-country-and-broke-bankrupt-the-solution-is-simple/

Continue ReadingThree Incorporated Municipalities broke – solution is simple!
Read more about the article Municipal Bonds are failing, Merideth Whitney has been right all along. Unions, Civil Service Salaries – Pensions are destroying Cities, Counties, and States, not to mention the federal government.
The Arizona Sentinel

Municipal Bonds are failing, Merideth Whitney has been right all along. Unions, Civil Service Salaries – Pensions are destroying Cities, Counties, and States, not to mention the federal government.

UPDATED: July 18, 2013

Many local governments across the U.S. face steep budget deficits as they struggle to pay off debts accumulated over a number of years. As a last resort, some filed for bankruptcy.

Governing is tracking the issue, and will update this page as more municipalities seek bankruptcy protection.

Most recently, Detroit became the largest municipality in U.S. history to file for bankruptcy. The state had already appointed an emergency financial manager for the city, saddled with debts totaling an estimated $18 billion.

Overall, though, bankrupt municipalities remain extremely rare. A Governing analysis estimated only one of every 1,668 eligible general-purpose local governments (0.06 percent) filed for bankruptcy protection over the past five years. Excluding filings later dismissed, only one of every 2,710 eligible localities filed since 2008.

The majority of filings have not been submitted by bankrupt cities, but rather lesser-known utility authorities and other narrowly-defined special districts throughout the country.

Continue ReadingMunicipal Bonds are failing, Merideth Whitney has been right all along. Unions, Civil Service Salaries – Pensions are destroying Cities, Counties, and States, not to mention the federal government.