You would think that states are looking out for the best interests of their local towns and cities. But as the debt problems unfold around the country, it is becoming clear that they are not. As far as a state is concerned, municipalities are a burden. There’s a good chance your state treasurer is more […]
Search Results for: pension
The Debt Bomb Ticking Near You
Last week Alabama’s Jefferson County filed for bankruptcy. It owes $3 billion on a failed sewer deal. A few weeks ago the capital of Pennsylvania, Harrisburg, filed for bankruptcy. Apparently the only thing its trash incinerator does well is burn through money.
Congratulations Buckeyes
You all have just voted resoundingly to bankrupt your state, while you kicked a really good governor in the face. You have allowed the public sector unions to run roughshod over you. Who in their right minds would want to start a small business or any other form of business in Ohio? Have you looked […]
Police Chief Millionaire at 43
Are you living the American dream? Or are you funding it? If you’re a taxpayer in Westerly, Rhode Island, you’re funding it. In this case, it’s recently retired Police Chief Ed Mello who’s living the dream—retired at age 43 with a $54,000-a-year pension. In the private sector, with interest rates so low, that equates to […]
Red State Rising
Consider the incredible growth of this sleeping dragon. Over the first 10 years of the new millennium, it has seen export growth exceeding 300%, an average annual GDP growth rate of 6.7%, a per capita income increase of 58%, and 4.7% growth in its population. The dragon in question must be China, right?
Obama and Bernanke Stick It to the States
U.S. Federal Reserve Chairman Ben Bernanke and Obama’s White House are sticking it to the states with their misguided policies.
Invest $6,650, Get $500,000
On August 24, in a 4 to 3 vote, the North Providence, RI, School Committee agreed to pay School Supt. Donna Ottaviano an extra $35,000 for taking over the duties of the vacant assistant supt. position. Before getting the raise, Ottaviano planned on retiring in two years and would have qualified for a pension payment […]
Enron Advisor Messes with Texas
You know, there’s a lot to like about Texas. For starters, it’s got jobs. It created 37% of them over the last couple of years, according to the Federal Reserve Bank of Dallas. And it’s got presidential hopefuls U.S. Representative Ron Paul and Governor Rick Perry, with several years of voting and executive background, to […]
The Crisis of State Bankruptcy
With Central Falls, Rhode Island, filing for bankruptcy, who in their right mind would invest in its municipal bonds? Luckily for current bondholders, Rhode Island passed a law in July that puts them ahead of other creditors, such as recipients of pension payments. But even with this law in place, who in their right mind […]
Are Your Real-Estate Taxes High?
Unfunded pension liabilities, or the gap between what state and local pensions owe versus what they have, will continue to put pressure on homeowners. Property taxes are the only real tax lever local officials have. And not all property taxes are created equal. The median property tax paid per home in 2009 in New Jersey […]
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