U.S. Municipalities That Went Bankrupt

U.S. Municipalities That Went Bankrupt

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Michael Mikolajczak

Metamora, MI

#1 Feb 27, 2013
http://www.cnbc.com/id/48016472/
Some experts predict that under-funded pension liabilities and stagnant tax revenues could cause an increasing number of municipal bankruptcies. Scranton is the latest Pennsylvania city in serious financial trouble. Recently Mayor Chris Doherty, abruptly cut the pay of about 400 public workers,including himself, to the federal minimum wage of $7.25 to avoid resorting to bankruptcy.
seenitbefore

Washington, MI

#2 Feb 27, 2013
Michael Mikolajczak wrote:
http://www.cnbc.com/id/48016472/
Some experts predict that under-funded pension liabilities and stagnant tax revenues could cause an increasing number of municipal bankruptcies. Scranton is the latest Pennsylvania city in serious financial trouble. Recently Mayor Chris Doherty, abruptly cut the pay of about 400 public workers,including himself, to the federal minimum wage of $7.25 to avoid resorting to bankruptcy.
This IS the Obama economy!!!!You can complain all you want about cities going bankrupt and
federal /state employees making"TOO MUCH" but there are 49 million on entitlements that DO NOT WORK and enjoy many bernefits at the expense of the protection of our cities and the promises that were made to those who have worked a lifetime...

What everyone is going to end up with is poorly trained ,unmotivated police,fire and city services , basically, the bottom of the barrel!!!

I'm sick of everyone complaining about individuals that work very hard ,have responsibilities and only want to provide for their families with a good work ethic and many long ,hard hours of service...

You are just as bad as Obama, complaining about individuals that want to achieve and strive for the very best of themselves and rewarding those who just leach off of us all!!!

The complaint you should have is with the entitlement systems and the fraud and waste that has forced us into the sad state of being unable to pay for the services that a civil society needs to sustain itself!!!!!!
seenitbefore

Washington, MI

#3 Feb 27, 2013
seenitbefore wrote:
<quoted text>This IS the Obama economy!!!!You can complain all you want about cities going bankrupt and
federal /state employees making"TOO MUCH" but there are 49 million on entitlements that DO NOT WORK and enjoy many bernefits at the expense of the protection of our cities and the promises that were made to those who have worked a lifetime...
What everyone is going to end up with is poorly trained ,unmotivated police,fire and city services , basically, the bottom of the barrel!!!
I'm sick of everyone complaining about individuals that work very hard ,have responsibilities and only want to provide for their families with a good work ethic and many long ,hard hours of service...
You are just as bad as Obama, complaining about individuals that want to achieve and strive for the very best of themselves and rewarding those who just leach off of us all!!!
The complaint you should have is with the entitlement systems and the fraud and waste that has forced us into the sad state of being unable to pay for the services that a civil society needs to sustain itself!!!!!!
One more note, I just heard on GB yesterday that in Detroit in a 36 block area only one or two individuals are paying their taxes...How can you run a city like that???? I suppose it is not politically correct to expect people to pay their taxes since they to expect services and are the first to complain when they don't get them... Maybe it would be racist????

Detroit is asking for more of everyones money, on their terms but refuses to elect competent individuals(someone other than a (appease for votes) Democrat) to run that city!!!!

This is the insanity we live in today!!!!
Michael Mikolajczak

Metamora, MI

#4 Feb 27, 2013
seenitbefore wrote:
<quoted text>This IS the Obama economy!!!!You can complain all you want about cities going bankrupt and
federal /state employees making"TOO MUCH" but there are 49 million on entitlements that DO NOT WORK and enjoy many bernefits at the expense of the protection of our cities and the promises that were made to those who have worked a lifetime...
What everyone is going to end up with is poorly trained ,unmotivated police,fire and city services , basically, the bottom of the barrel!!!
I'm sick of everyone complaining about individuals that work very hard ,have responsibilities and only want to provide for their families with a good work ethic and many long ,hard hours of service...
You are just as bad as Obama, complaining about individuals that want to achieve and strive for the very best of themselves and rewarding those who just leach off of us all!!!
The complaint you should have is with the entitlement systems and the fraud and waste that has forced us into the sad state of being unable to pay for the services that a civil society needs to sustain itself!!!!!!
The article “Some experts predict” is not a complaint
and “under-funded” is a fact.
Not sure who your rant is directed to.
seenitbefore

Washington, MI

#5 Feb 27, 2013
If we want a civil society, we have to have competent,well trained individuals to enforce our laws and provide the services we need...

Americans should be enraged that those services are being compromised!!!!

Blaming another group of hard working Americans is very naive and irresponsible!!!

Handouts, bribes,entitlements,fraud ARE NOT generated by responsible American civil servants!!!
seenitbefore

Washington, MI

#6 Feb 27, 2013
Michael Mikolajczak wrote:
<quoted text>
The article “Some experts predict” is not a complaint
and “under-funded” is a fact.
Not sure who your rant is directed to.
Why are these pensions under-funded???? I find it absolutely infuriating that this guy has got to pay his employees minimum wage...It is an umndermining of the very fabric of our society.... Our economy is stagnant at best and we are heading for much worse....WHY????

Focusing on under-funded pensions only directs the anger at hard working individuals!!!It directs anger in the wrong direction!!!

YOU posted this continuing barage of attacks on another group of motivated, successful individuals!!! Should we take pensions away??? Why not, when Obama took over G.M. he broke contracts and paid off his voting base....It would just be another redistribution of wealth..

This article should read....Americans take another hit to their safety and security because of policy and laws passed by power-hungry politicians that collapsed our housing and banking systems and the persistant imposing of poor fiscal policy that will ultimately lead us into an uncivil society!!!

When you post something like this , My impression is that you want the pensions recinded... As if that is going to help this huge mess we are in!!!!!

Maybe we should just take all that everyone has, for fairness sake and all go on welfare....We do know what that is called, don't we???

You are on this site blah,blah, blah but you never state your take on what you post, you leave it to us to assume....So...I'm ASSUMING!!!!!
seenitbefore

Washington, MI

#7 Feb 27, 2013
Instead of talking about how awful it is that public employees have pensions and how unfair that is , let's talk about a real life issue with respect to public employees....

Janet Incompitano states she is going to have to release Mexican felons because of the sequester..This government absolutely does not have to do this!!!!

Lets talk about how the public should respond to their lack of protection and the continued attack on services that are basic to our society...

Maybe we should all take turns protecting our communities since noone should be paid to do that and there should not be any benefits given to those who choose to spend a lifetime of continuous training to perfect their craft ...
seenitbefore

Washington, MI

#8 Feb 27, 2013
Michael Mikolajczak wrote:
<quoted text>
The article “Some experts predict” is not a complaint
and “under-funded” is a fact.
Not sure who your rant is directed to.
If I did not know better Mike, I would say this is the answer a good politician would give...Plan on running for higher office????
relax

Tekonsha, MI

#9 Feb 27, 2013
You should run for Federal Reserve Chairman. No one knows what you are talking about. Thanks mike for the article. Some people appreciate it
seenitbefore

Washington, MI

#10 Feb 27, 2013
relax wrote:
You should run for Federal Reserve Chairman. No one knows what you are talking about. Thanks mike for the article. Some people appreciate it
It's a shame so many are so ignorant as to what is happening to our society and the services we will soon miss desperately... If you can't see the attack that is underway against ALL successful,hard working Americans you are drinking the kool aid or you have joined the wrong tea party!!!!Mike needs to make clear what he is supporting and what he is opposing!!!!!
relax

Tekonsha, MI

#11 Feb 27, 2013
I am at work. Are you? We stand with the republic and the constitution. We are the modern day paul reveres. Services? What services? We pay so many taxes and not 1 percent go to services you fool. Do the math. People smarter than the two of us have. If you want to live in AMERIKA....with a k....than move to North Korea. They have plenty of services for the people. And JOBS.
seenitbefore

Washington, MI

#12 Feb 27, 2013
When does the confiscation of hard working American jobs,wealth,security become tyranny???

When will Americans wake up!!! Even my so-called conservative allies????
Michael Mikolajczak

Metamora, MI

#13 Feb 27, 2013
seenitbefore wrote:
<quoted text>If I did not know better Mike, I would say this is the answer a good politician would give...Plan on running for higher office????
Not sure where you read this “Instead of talking about how awful it is that public employees have pensions”. That is nothing I implied.
As to “Why are these pensions under-funded????” That is a good question.
If you lived in Capac a long time; why is this?
Independent auditors report for the Village of Capac – Berthiaume & Company:
Pension fund status at 43% on the low side typical is 60 to 70%.

Retire health care liability 1.5 million dollars need to set aside $76,000.00 a year for 30 years.
All I am saying is that you bring up a valid point. Thanks for your input.
seenitbefore

Washington, MI

#14 Feb 27, 2013
relax wrote:
I am at work. Are you? We stand with the republic and the constitution. We are the modern day paul reveres. Services? What services? We pay so many taxes and not 1 percent go to services you fool. Do the math. People smarter than the two of us have. If you want to live in AMERIKA....with a k....than move to North Korea. They have plenty of services for the people. And JOBS.
Would Paul Revere want a lawless society??? Would he want uncivility???? Would he want anarchy???? Why are you targeting individuals that are doing jobs that benefit society???It's a shame you can't see that...

The focus should be on actual waste,fraud and payoffs for votes...That is why we are where we are!!!!!


You are helping others get angry at individuals that are not the problem....

North Koreans do not have the freedom to receive services their job is to submit to the government because they are in a weekened state with no resources....
seenitbefore

Washington, MI

#15 Feb 27, 2013
Michael Mikolajczak wrote:
<quoted text>
Not sure where you read this “Instead of talking about how awful it is that public employees have pensions”. That is nothing I implied.
As to “Why are these pensions under-funded????” That is a good question.
If you lived in Capac a long time; why is this?
Independent auditors report for the Village of Capac – Berthiaume & Company:
Pension fund status at 43% on the low side typical is 60 to 70%.
Retire health care liability 1.5 million dollars need to set aside $76,000.00 a year for 30 years.
All I am saying is that you bring up a valid point. Thanks for your input.
I can answer that question..Pensions are underfunded because our economy stinks!!! Why does our economy stink??? Because of mismanagement!!!! We(not me) vote in people that do things for themselves, their political party or the people that vote for them, not the community or country for that matter... In other words they have no character and citizens no longer hold them accountable...

My only point to all of this is that the working people of this country are under attack... Their wealth,their security, their very way of life... Whether it is the businessman that owns the corner store, the civil servant, the farmer... Of late I have heard that Doctors will now be targets because they have too much(Obamacare)...

Why??? Because some politician wants more votes???

I think that all conservatives need to be very careful who they target with policies that resemble those of tax and spend liberals... If someone has worked a lifetime, they should be able reap what they sow.

The reap and sow principle can be applied to those who can work but choose to feed off of the sweat of others!!!!

relax

Tekonsha, MI

#16 Feb 27, 2013
Paul Revere road around the countryside of Massachuttes screaming to arms to arms. He wasnt screaming to topix to topix
seenitbefore

Washington, MI

#17 Feb 27, 2013
relax wrote:
Paul Revere road around the countryside of Massachuttes screaming to arms to arms. He wasnt screaming to topix to topix
At least the people of Massachussetts at that time knew who the real enemy was!!!!

Do you????

In this day and age Paul Revere might as well line up with all the other right wing nut jobs... We have had our many warning, it may take a epic depression to convince some that the impending danger was real....
relax

Tekonsha, MI

#19 Feb 27, 2013
What started the revolution? What started the civil war?
seenitbefore

Washington, MI

#20 Feb 27, 2013
relax wrote:
What started the revolution? What started the civil war?
Opression and slavery.. Are we not opressed when we are overtaxed to such an extent that we cannot pay for maintenance of our communities... Are we not opressed when our government uses our money foolishly or for a group(both parties) individuals personal gain????

I'm not really sure what you are getting at????
Michael Mikolajczak

Metamora, MI

#21 Feb 28, 2013
Michael Mikolajczak wrote:
http://www.cnbc.com/id/48016472/
Some experts predict that under-funded pension liabilities and stagnant tax revenues could cause an increasing number of municipal bankruptcies. Scranton is the latest Pennsylvania city in serious financial trouble. Recently Mayor Chris Doherty, abruptly cut the pay of about 400 public workers,including himself, to the federal minimum wage of $7.25 to avoid resorting to bankruptcy.
Dec 28, 2010 ... Outgoing Michigan Gov. Jennifer Granholm last month denied a request to allow the city of Hamtramck to file for municipal bankruptcy
Feb 8, 2011 ... City of Hamtramck officials say the city is “dead broke” and will run out of money sometime in March.
Jun 25, 2012 ... In case you haven't heard, Detroit has stopped paying Hamtramck's share of revenue from the GM Detroit/Hamtramck plant.

Hamtramck trying to avoid emergency financial manager
(Didn’t see that coming……………………).
http://www.myfoxdetroit.com/story/21419075/ha...

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