America Going Bankrupt State by State
by Jeff Davis
The next stage of the Obama Depression is beginning now–the financial collapse of individual states. USA Today reports: “Residents eager to get their state tax refunds may have a long wait this year: The recession has tied up cash and caused officials in half a dozen states to consider freezing refunds, in one case for as long as five months. States from New York to Hawaii that have been hard-hit by the economic downturn say they have either delayed refunds or are considering doing so because of budget shortfalls. New York, hit with a $9 billion deficit, may delay $500 million in refunds to keep the state from running out of cash, says Gov. David Paterson. Hawaii’s Department of Taxation says some residents may not see state income tax refunds until the end of August… Officials in the following states say they have had to delay issuing refunds or consider doing so because the state might not have the cash on hand to cover the checks: Hawaii, Alabama, North Carolina, Kansas, Idaho, New York.”
In 2009, California with its majority non-White population issued IOUs to vendors and employees. Some banks refused to accept these IOUs. One news article notes “California state lawmakers now grappling with a $40 billion budget deficit were advised five years ago of the mounting costs of illegal immigration in the state. In 2004, the Federation for American Immigration Reform (FAIR) issued a study of the fiscal cost of illegal immigration to Californians. At that time, the cost to the state’s taxpayers was $10.54 billion a year. That estimate included the cost of educating the children of illegal aliens both those illegally in the country and those born here in K-12 public schools, emergency medical care, and incarceration of criminal aliens. While these annual costs for illegal immigration have been steadily draining California’s budget year after year, the costs have risen and are placing an even greater strain on the state’s resources in 2009. The original 2004 cost estimate was based on an illegal alien population estimated at 2,900,000. Today, FAIR estimates California’s illegal alien population has grown to 3,200,000, a 10.3 percent increase. As a result of both the continued growth in the illegal alien population and the higher cost of governmental services, the current fiscal cost outlays for the illegal alien population in California are now approaching $13.1 billion annually more than half the projected shortfall for next year.”
A number of major American cities are also nearly bankrupt, including Obama’s home town of Chicago and the perpetual black-run basket case known as Detroit. The city authorities in Detroit have announced plans to shrink the size of the city by bulldozing large tracts of abandoned buildings and simply letting nature come back and take over, rather like what happened in White-built colonial cities in Africa when blacks took over and they more or less returned to the jungle.
We haven’t seen the worst of the Obama Depression, not by a long shot. Many of these bankrupt states and cities are going to be be forced to take the obvious step of cutting or abolishing the pensions for retired workers, leaving millions of people with just a few dollars per month, with much of their value inflated away by Obama’s runaway spending, leaving them with a cat food diet. White people need to wake up and take back America.