States facing Bankruptcy

Discussion in 'Happy Hour' started by Michael, Sep 26, 2010.

  1. Michael

    Michael Mentor

    Nov 23, 2006
    An article entitled "States and Cities on the Verge of Bankruptcy"
  2. Michael

    Michael Mentor

    Nov 23, 2006
    An article entitled "Which State Will Be the First to Fail?"
  3. Michael

    Michael Mentor

    Nov 23, 2006
    An article entitled "California Getting Closer to Bankruptcy"
  4. Michael

    Michael Mentor

    Nov 23, 2006
    An article entitled "Detroit Ordered to Close Half its Public Schools"
  5. Observer

    Observer Mentor

    May 10, 2008
    It sounds like Minnesota is one of the states not in the red. This post doesn't fit well in this thread, but former Governor Pawlenty is positioning himself for a presidential run, and so this may be of some interest: The Minnesota Watchdog: Friday Commentary
  6. Michael

    Michael Mentor

    Nov 23, 2006
    An article entitled " Illinois Closing State-Run Drug and Alcohol Treatment Centers"
  7. Michael

    Michael Mentor

    Nov 23, 2006
    An article entitled "Drastic Financial Measures in Michigan"
  8. whiteathlete33

    whiteathlete33 Hall of Famer

    Mar 18, 2007
    New Jersey
    Here is one state that is doing just fine. It should also be noted that North Dakota is 93 % white.

    <h1>Why North Dakota May Be the Best State in the Country to Live In</h1>

    <div ="hd"><cite>
    by Carla Fried
    Thursday, March 31, 2011</cite>
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    many states are confronting severe budget shortfalls and dragging
    economies, North Dakota has a different sort of problem. It's stuck
    deciding how best to deal with a budget surplus. Yes, a surplus. North
    Dakota's balance sheet is so strong it recently reduced individual
    income taxes and property taxes by a combined $400 million, and is
    debating further cuts.
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    not exactly what residents of California ($25.4 billion projected
    budget shortfall for the 2012 fiscal year), Texas ($13.4 billion), New
    Jersey ($10.5 billion), New York ($10 billion), and 42 more states with projected 2012 budget shortfalls are in line for.

    can just hear the snarky comment formulating in your head right about
    now -- something about North Dakota's rough winters, and comparative
    lack of high-brow culture or pro sports teams, no doubt. Duly noted. But
    if we keep the conversation to economics and fiscal policy, North
    Dakota has plenty to admire.

    North Dakota: We're No. 1 ... or Darn Close to It!

    North Dakotans are way too polite to make that boast, but I'll do the honors. Here's how North Dakota outranks most states:

    "¢ Lowest unemployment rate among the 50 states. North Dakota's 3.8 percent unemployment rate is less than half the national rate.

    "¢ Statewide GDP growth of 3.9 percent ranked third in the nation in 2009 behind Oklahoma and Wyoming (2010's figures are not yet available.)

    "¢ Best job growth last year. A Gallup survey reported that North Dakota businesses had the best ratio of hiring to firing among the 50 states.

    "¢ Stable housing market. Across
    the nation, nearly 1 in 4 homeowners with a mortgage are underwater. In
    North Dakota, just 1 in 14 have negative equity, the fourth lowest
    negative-equity ratio among all the states. The state also has the third-lowest home foreclosure rate. Affordable homes are a big part of the story here; let's just say you don't need to overstretch to own. According to Zillow, the median home price in North Dakota
    is below $150,000. That's less than three times the state's median
    household income. By comparison, even after sharp post-bubble price
    declines, the median priced home in California is still about five times
    median household income.

    "¢ Low violent crime rate. The incidence of violent crime per 100,000 residents
    in North Dakota in 2008 (latest available data) was the fourth lowest
    in the country and nearly 60 percent lower than the national average.

    "¢ Lowest credit card default rate. According to TransUnion, North Dakotans seem to have a handle on spending within their means.

    Add that all up and you have the makings for a pretty contended bunch. In fact, Gallup recently concluded that North Dakota is the third happiest state in the U.S., trailing only Hawaii and Wyoming. (The saddest state? West Virginia.)

    [Happiest U.S. Cities to Work]

    Riding the Global Commodity Wave

    Dakota's economic good fortune is pretty much a function of being a
    major producer of two very in-demand commodities: wheat and oil, both of
    which have seen huge global price increases. The state is the country's
    #1 producer of durum wheat -- that's what pasta is made from -- and is
    also a major grower of other crops including barley, pinto beans, and

    The state also currently accounts for 2 percent of
    domestic oil production. Sound puny? Keep in mind that North Dakota has
    just 650,000 residents, accounting for about 0.20 percent of the overall
    U.S. population. And it's aggressively ramping up its oil production.
    During the past 12 months, North Dakota's crude oil production is up 43 percent, and is triple the rate from five years ago.

    [Better Deal: Target or Walmart?]

    Planning for a Rainy Day

    residents are indeed seeing some of the revenue over-flow returned to
    them via income tax and property tax cuts, they are also supportive of
    tucking away some of today's winnings for less robust times. This past
    November, nearly 64 percent of North Dakotans voted in favor of establishing a Legacy Fund
    that will siphon off 30 percent of total revenue collected from oil and
    gas production into a special savings account to help the state if/when
    the boom busts. The earliest the Legacy Fund can be tapped is 2017 and
    even then any disbursements from this de facto state emergency savings
    fund must be approved by at least two-thirds of the state legislature.
    During North Dakota's 2011-2013 budget cycle (it operates on a 2-year
    budget), the fund is expected to reach $619 million, or about one-fifth
    the state's proposed spending for that entire period. Of course, not
    every state has a commodity-driven windfall at its disposal, but I also
    don't think every state's residents would be so behind saving current
    revenue for a rainy day.

    There's also another uniquely North
    Dakota economic engine worth noting. North Dakota has the only
    state-owned bank in the country. Established way back in 1919 amid a
    rash of farm foreclosures, the bank provides capital to smaller local
    banks, reducing their reliance on big national banks that, um, sometimes
    like to turn off the lending spigot. Moreover, when the state bank
    turns a profit, residents benefit. Over the past 10 years, the state
    bank has deposited about $300 million back into the state's general


    Sure it's easy to take a
    good-natured swipe at North Dakota's lousy winters. But a strong
    economy and a fiscal ethos that appreciates the value of saving deserves
    some respect, if not outright envy, as well.
  9. Michael

    Michael Mentor

    Nov 23, 2006
    An article entitled " Productive White People Fleeing New York State"
  10. The Hock

    The Hock Master

    Mar 16, 2008
    Northern California
    Yup, getting bad here in California. Any smart person (especially whites) is looking to bail out of here. Question is where can twenty million white people go? If it keeps going like this, they'll be tearing down housing developments and turning this whole state into one big orchard tended by dull normal you-know-whats. Forget entho-states, how about just some well defended ethno-enclaves for whites. We're headed back to the farm.
  11. screamingeagle

    screamingeagle Mentor

    Oct 24, 2005
    Gov Quinn has runned Illinois into the ground.
    When Blago was governor, the state functioned well. That is why they had to get rid of him, I guess.
  12. Andrew Lynch

    Andrew Lynch Newbie

    Oct 14, 2008
    As somebody who lived in Illinois during the Blago years, I have to agree that he ran it okay. I wasn't even terribly upset that he tried to sell Obama's seat, as Illinois and the Chicago area are among the most corrupt in the nation. But Quinn has been a disaster from the minute he took office, and that's why I hang my hat in Salt Lake City, other than the Mormons it's been the right decision.

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