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Subscribe to RSSA fiscal emergency is considered the first step towards Chapter 9, said CNBC's Jane Wells, reporting on whether Atwater, California will become the fourth town to declare bankruptcy in the state.
Municipal bankruptcies are spreading like a “disease” in California, one public finance expert warned Wednesday as the city of Atwater declared a fiscal emergency with a budget gap of more than $3 million.
The city’s council approved the move on Wednesday night, putting it on the path to becoming the fourth city in the state to declare bankruptcy this year.
With a population of 28,000, Atwater fell on hard times after its housing market imploded and sent property tax revenue plummeting. Furloughs and a hiring freeze had not been able to stem Atwater's losses.
San Bernardino becomes 3rd Calif. city in 2 weeks to file for bankruptcy protection
Municipal debt market analysts are keeping a close eye on the finances of local governments in California out of concern that some could use fiscal emergency declarations as a way to speed Chapter 9 filings to attempt to shed financial obligations.
"In California, we have a disease, and the disease is spreading," David Kotok, chief investment officer at Florida-based Cumberland Advisors, told the State & Municipal Finance Conference conference in New York on Wednesday, according to the San Francisco Chronicle.
"I suspect we're going to see wholesale warnings and downgrades" among bond rating issuers in the state, he said.
If it went bankrupt, Atwater would follow Stockton, San Bernardino and Mammoth Lakes by making a Chapter 9 filing.
San Bernardino, California's city council in July authorized a bankruptcy filing after declaring a fiscal emergency. The city of 210,000 residents 65 miles east of Los Angeles, filed for bankruptcy on August 1.
By contrast, Stockton, a city of 300,000 located about 62 miles to the northwest of Atwater, became California's first city to file for Chapter 9 bankruptcy protection this year after 90 days of inconclusive mediation with its creditors.
Kim Rueben of the Tax Policy Center explains why some American cities are running out of money, filing for bankruptcy, and making drastic cuts in the process.
Mammoth Lakes, a resort town of about 8,000 residents in California's Sierra Nevada mountains, followed Stockton into bankruptcy court, saying it could not afford a $43 million legal judgment against it. Mammoth Lakes has since reached a settlement with the property developer in the legal dispute and later this month will seek to have its bankruptcy case dismissed.
City officials in Atwater are looking into options for increasing revenue such as raising 20-year-old rates for water services and 10-year-old rates for garbage collection services while clamping down on costs, all while considering whether to pursue a bankruptcy filing.
Union representative Nancy Vinson said 38 of Atwater's non-safety employees have received layoff notices and that 12 are sure to lose their jobs as part of the city's efforts to pare spending.
Vinson told Reuters by telephone that she believes Atwater's financial troubles are so severe that the city will not be able to avoid a bankruptcy filing.
"I believe they're heading straight to bankruptcy," she said.
Mayor Joan Faul could not be reached by Reuters for comment.
Reuters contributed to this report.
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Seem to recall a time when Silicon Valley was doing so well that the folks in CA sneered at the rest of us and wanted to secede from the US. Okay, that sounds good, best of luck with all those bankrupt-assed cities. LOL
Too bad they don't have to pay a tax to have an anchor baby here. Too many taking from the system and not enough contributing. It's the same with income tax.
Exactly. And, painful though it may be, it is fortunate for the ones who still do contribute that (unlike the Feds) most municipalities and states had enough foresight to mandate that their budgets balance.
The disease is Liberalism,, pure and simple.
Jeremy you are 100% correct
The prop 30 and bullet train to hell is a absolute failure and Brown and the Unions think we are stupid.
We Californians must send a message to the powerful teachers union come this next election No More Sucking Cash Out from Us to pay for your pensions.
I remember how great this state was in the 80s and 90s 8) It's sad how we are basically one of the worst when it comes to education and we used to be one of the best....
Silicon Valley still doing great - virtually impossible to find workers, housing prices through the roof, rents up 20% from last year alone. If you want work and know about almost anything in tech, we're short at least 100k people.
And, yes, we still want to secede- part of the reason California is in trouble is that we send way more money to Washington than we get back. For every dollar we send, we get $0.78 back, we're basically subsidizing the rest of the country.
The real problem in most of California, esp for local gov'ts., is prop 13, which caps property taxes at what they were at the time of last sale. Which means if you own a house for 10 years, your property taxes never change. Great for the homeowner, terrible for the local gov't which gets zero increase in income over time.
Let's see: the economy collapsed and people lost their jobs; therefore, tax revenue dried up so municipalities can't pay their bills. That's all the fault of liberals. Yeah, right.
The flaw with liberal thinking is that you get something for nothing or else you tax the producers to pay for the non-producers. How many illegals getting social services in CA? Why did the economy collapse in the third largest economy on the planet? Simple, they overextended themselves, and they did that with union pensions, social services for illegals, special treatment for illegals at citizen's expense. You eventually run out of other people's money.
CHRIS....Hey here's an idea. How about government live within it's means like the rest of us and quit paying cushy pensions and cadillac health cars plans. Why can't people fund their own pensions like the rest of us? where is it carved in stone that you be set for life just because you work for government?
As far as Prop 13 goes, why shouldn'y taxpayers get a break? Why should we be subject to some appraisal board that is in the state and local governments pocket?
The dumbest thing you people of California did was to reelect governor Moonbeam. The first thing he wanted to do was pander to illegals. Why don't you grow a set,cut off the benefits and your problem will be solved. Oh yeah but then you won't get reelected will you Jerry?
I am actually suprised at the comments. You do know this is happening globally because of WallStreet scams with county and State Governments in the US and evry other country will to buy into so-called wealth building investments? Merrill Lynch and Ferber back East and so many others our courts can't process all the suits filed. San Jose, Silicon Valley, is has been in the process of suing several Banks/Wall Street frauds that threaten to bankrupt us for about 4 years now. To bad Governments keep doing business with crooks and investing OUR money with them. This is the problem WorldWide.
All this comes from the libs.Now they put a $150 tax on people in the country to pay for fire protection.
Land of the libs and home of the illegals, why should it be a surprise. And, Julea, learn to write, your post is senseless.
J.C.:
Maybe this will help make it more clear for you:
The reason public pensions are becoming underfunded is because many of them were invested in mortgage backed securities which had been rated AAA and are now worthless.
Also, the banks have artificially kept the LIBOR rates low; so for instance instead of the expected 7% return on affected investments, they are receiving practically nothing, causing the underfunding.
There is a small amount of bloated pensions which should be looked into and policies changed, but for the most part, people need to stop blaming public pensions for the ills of the cities and look at the real robbers of public monies, the banks.
Capitalist mantra: Privatize profits; socialize losses.
Has anyone noticed that most of these bankruptcies lately have been in the Central Valley of California. These were largely farming communities that functioned just fine until the fraudulent housing market came along, inflated the prices of houses and land. Most of these subdivisions were built on land that used to be someone's farm. Farmer's sold out, made their money, builders built houses, made their money, brokers sold houses, made their money, banks made loans, made their money (for awhile). Cities doubled, tripled in size, services grew with them. Then the bubble burst and now they are going broke. Big surprise? For those not from California, the Central Valley is predominantly Republican. Not their fault, they bought into the big lie like everyone else, Democrat or Republican. Everyone got hurt. Most of Silicon Valley has recovered. The Central Valley may never recover.
Jeremy, when I was there 4 years ago Stockton didn't strike me as a bastion of Liberalism, more of a bastion of Republicanism. While in CA I stopped at Lockhart seeds to purchase garden seeds and I recommend that business to any gardener, and their store is a trip back to 1930.
Atwater is a bodunk little town.Silicon Valley sneers at all of California.They have also felt the pain of the housing meltdown.California's mistake was not caused by building thousands of homes but it was in not retaining private sector jobs with a living wage.No jobs,no money for mortgage payments.If counties would force the banks to pay the property taxes on the repos, collect the money owed by the Feds for incarcerating illegals,shorten the time people can collect welfare,stop First 5, and get restitution for all of the MediCal fraud,we'd be flush with money.This state has given away the store to the non productive and therefore the cities are going bankrupt.
California is far from being the only state where private sector jobs were transferred offshore.
You have the private sector to thank for that.
To fund socialist agenda the Federal and local overnments levied high taxes and imposed excessive regulations that ultimately drove out business and jobs oversea. Massive socialist programs were implemented to soften the lost of jobs and lower living standard --and buy votes. Government used the Federal Reserve's printing press to fund deficits.
It is not capitalism that privatized profit and socialized loses; it was socialism. Capitalists want the free market where inept business are allowed to go bankrupt without government bailouts, subsidies, or equity. Capitalists want the free market to set interest rate, rather than the artificial one by the Federal Reserve which caused rampant housing and stock speculations that ultimately went bust. Capitalists want the free market to determine the prices of wages and goods, not by government decrees.
People mistakenly blamed capitalism for the Great Recession when the true culprit is socialism.
Capitalists want less government interference in the free market, less centralized economic planning, and less taxes and regulations.
California is going Broke and other states and Governor's, like Martin O'Malley in Maryland, want to copy everything California and apply those to their States!!! What a joke. California is what happens when the Federal Government and Democratic Governors encourage and offer assistance to people primarily from Mexico to ignore the U.S. Immigration Laws.
...
Within the last 7 days, the governor of Illinois made his case for a bailout by the federal government for his state.
California needs money. Illinois needs money. New york needs money.
Can you say " The State and Local Government Bailout Act of 2013 " ??
...
while paying bribe money to the unions after raising every-ones tax's and yet they continue to vote for more of this stupidity.......un friggin real,...." lib" the true definition of stupid
and what do these states have in common? Solid Democratic States and Union Strongholds.
Everyone knows that you cannot keep California afloat with the current Democrat Majority. Everyone is looking for the payout except the last of the middle class who are the only people paying into the system. Too many illegals, undocumented, retarded, Government salaried taking the entitlements. Time to oust brown, obama, Pelosi, and the rest of the "D" trash.
We have been devasted by they liberals here slowly over the last 30 years 8(
I remember when we were able to actually buy the newest models from the gun manufactures not anymore we have nothing but old models kinda like Cuba 8( regulations have destroyed this state... The Unions are robbing us blind and they use the kids as hostages... Why should we give more of are hard earned money when these bastards keep getting raises 8( I havent had a raise for over 5 years.
Hell it won't be long before the whole damn state of California aka little Mexico files BK. Lmao...Its time to pack your sh*t and leave that State to the illegals. Let them pay the taxes.
And hope the people leaving the state aren't the same ones who voted for the policies that caused the government to fail in the first place, because they can vote in your state, too.
You are EXACTLY CORRECT. Liberalism is a CURSE on the US
rdx111
While I've had many a 'lively' debate with liberals over the years, I view the Liberal philosophy as a valuable, even essential, counter balance to Ultra-Conservatism. The Curse you speak of is the Progressive idiocy that has all but murdered any Liberal ideas! In fact the 'disease' this article is refering to is aptly labled " Progressive Policymaking"
Some definitions for you:
Conservative: adj. 1. Favoring preservation of the existing order. 2. Moderate; cautious. 3. Traditional
Liberal: adj. 1. Favoring individual freedom and nonrevolutionary reform. 2. Broad-minded or tolerant. 3.Generous;bountiful.
Is it the "Broadminded, tolerant" or the "generous" parts of a Liberal that most irritate you?
maxwell - you are truly delusional if you really believe that liberals are broad-minded, tolerant, generous and favor individual freedom. Just because you call a pig a rose, doesn't make it a rose. It's still a pig.
Remember, if you voted for Obama in 2008 because he is black and you wanted to prove that you were not a racist, then vote for romney in 2012 to prove that you are not an IDIOT!
Gee, I wonder where you found you definitions out of the Little Red Book? I'm sure you don't have any idea what that is a reference to. Broad-mined and tolerant...... gosh, only if a person agrees with you, if not, you can't take the truth. Get use to saying, President Romney! Have a good day you "generous, bountiful" person!
Actually there is a 'Little Blue Book' for progressive ideas. It is full of what you would expect.
The State of California encourages illegals to come to their liberal controlled state and these very trespassers cost them $10.5 Billion a year in education,incentives,entitlements and incarceration(prison costs)! As a result of this budget shortfall, Brown has to raise taxes on the very companies/people that are generating the majority of the current tax revenues. Then, inorder to avoid these new tax policies, entire companies are moving their headquarters/employees to states that encourage them to grow & prosper;The negative result of this exodus, is that the Demtard liberals that move out of their beloved state, are bringing their idiosyncratic political views to conservative dominated states and attempt to revive their love of government control and spending sprees. There have been over 500K transplanted Californians that have moved to Texas in the last few years alone, looking for better jobs and opportunites.
so the fact that houston is 21 billion dollars in debt is the fault of the new arrivals from california?
don't think so--------it takes a while to spend $21,000,000,000! even in this day and age.
Well...that's only 42 Solyndras....we could go through that in a weekend....
Actually Maxwell, the part that irritates us is "lavish", "loose" and "not strict". (From the American Heritage Dictionary) Now I know where their fiscal ideas come from.
This is what happens when you take the money away from the law abiding, hard working people and give it to those who can't be bothered to respect our laws or work hard themselves. There is a reason that Greece, Spain, and other European countries that have adopted socialistic ideals are in economic turmoil and civil unrest! It is because their people relied on their government to provide for them instead of providing for themselves. We need to stop patterning ourselves after Europe and take a good look at history, or we will be doomed to repeat it.
Thank You.WOMEN have not been taken hostage by the ultra-left.
Socialism, as it is in Europe, is not the governmant taking care of the people. They pay a huge amount of taxes. The governments are either currupt or incompatent. Yes, Mommyo3ak, we need to look at history...Trickle down economics, which the GOP is proposing , has been shown historicly not to work. Where was the job creation between 2000 and 2008? America is in a more desperate position then the politicians let on. The dems and rebups point the finger at each other but its been a two party system for many many years. Both parties have brought us to the brink of financial disaster and we need a change. Congress is dysfunctional and cater to the 1 to 3 % at the top of the economic food chain. Yes we need a change. Capitalism and democracy are at war and democracy is loosing...YES, WE NEED A CHANGE!!!! What are your ideas on change?
Well Tom, we do have two choices. We can either have'trickle down' economics or, if you prefer, trickle down government, which creates trickle up poverty!
Sorry got timed out!
We are currently experiencing the latter and I'd prefer to return to the former!
The reason we are experiencing our current problems is due, in large part, to the fact that 'trickle down' economics worked too well! Many of us became complacent,and contented ourselves with the relative ease and lack of responsibility of simply being an employee. We rejected the risk and personal responsibility of being a business owner. The result was that far too many were depending on far too few for their livelyhood!
Once we retun our Government to it's rightful responsibilities, many who are now aware will realize that they stand a far better chance of obtaining a quality lifestyle and secure retirement if they depend on themselves instead of others, and Americas economy will once again begin to boom!
Spains problem came to be in a similar way as ours....unregulated Banks into real estate scams. When the housing bubble burst the country started collapsing. It wasn't "Socialism", it was Capitalism (Banks and Housing) I don't make up facts from myths created long ago..I read reports. From Spain, UK, Germany etc. Everyone knows Greeces' main problem was GoldMan Sachs. Untill we stop fighting mythical ghostly monsters and prosecute real crooks and make some sensible rules, we will continue on the crooks Unequal, unjust, selfish trailride.
Keep smokin' the hopium there Julea. Just don't get so stoned you forget to vote. Say hi to Fidel from the rest of us........
Both parties (Dem and Rep) have ruined this country. We won't see "change" until we hold our government responsible. They have put themselves in control of too much. Their job is to PROMOTE the GENERAL welfare and PROVIDE for the common defense. Somewhere along they way they've switched it up. They think they are supposed to provide everything for everyone and defending our borders has become an afterthought. All government positions (Pres, Congress, Senate, etc) were not intended to be full time employment. Those positions were volunteer positions. They would meet a few times a year to discuss the issues and vote accordingly. Then they would return to their daily lives. Perhaps if we took away the salaries and benefits they have voted for themselves, the right kind of people (those who actually care about this country more than money) could start making a difference.
Pathetic liberal white Americans, will sell the US out in a heartbeat, with their pitiful mindset to undermine true reason. BUTT, Stupid-A$$ Liberal White MORONS have typically undermined the positions they should safeguard. Give your children over to Muslims, Satanists, Welfare-sucking generations with NO intention to actually be productive...and on and on....Stupid Liberal White Americans are MORE THAN WILLING to sell their children out for their mis-guided MORON mis-interpretations of reality
rdx111, everything you say, think, feel, and do has nothing to do with anything or anyone but you. Your negative judgement indicates you have some unresolved issues. It is actually viewpoint such as yours that we do not need in a creative, problem solving discourse, unyeilding, uncomprimising and unproductive.
I'm a white American "liberal" - but you didn't describe me at all..?? You seem to have learned the definition of liberal from you favorite nighttime news channel - I'm guessing Fox News. Look up the word liberal before you start using it in a context that just makes YOU look stupid.
This could be coming to a town near you. It's easy, just keep taking care of those public sector unions as well as services for illegal immigrants.
$3 million dollar budget deficit. That pretty much means that they have over borrowed on building public buildings and are $3 million short on what is needed to make the annual payments or $250,000 a month. The loan industry just kept lending money to them to build, build, build like this event would never happen. They all make their commissions and revenue. It is time they take the unpleasantness to.
I live on the East side of the Mississippi River and the Mayor now has us mortgage to the hilt but gives property tax breaks to the inner circle to build and move employees into the county in the illusion it will bring in enough tax dollars to pay the bills the next 30 years. Thank goodness the economy will continue improving for the next decade or longer and be spared any slow down and thank goodness the banks have a unending supply of money to lend.
Pathetic white Republican right wingers will be destroying America because of this.
The sad part is that I don't think these cities that are going bankrupt have learned a darn thing. You can't fix this problem by throwing more money at it. These cities need to make major cuts in services and it's going to be pay as you go for anything they provide. And, it's just beginning. You can't have something for nothing.
They need to stop building memorials for their Mayors. Result is that the low wage earning employees lose their jobs so they can still make the mortgage payments to J P Morgan-Chase and Goldman-Sachs.
Major cuts in services solves nothing but a short term monetary problem caused by several other bribes, scams, realestate deals, Bad investments with Banks/Wallstreet/Merrill Lynches,Chase,BofA etc. The Social Services have nothing to do with the Problems. Cuts there will never solve more than a few months budget faux. However, it will have huge negative effects on our Society and way of American Life plus increase Unemployment so much everyone will drown. Getting rid of Jobs is No Solution for anyone with a brain.
It is a GOOD THING that Romney took NoBama to the woodshed and spanked his A$$. The US cannot continue this path of unsustained spending with no controls, and NO LEADERSHIP direction.
America needs to realize that NoBama has a WORLD agenda, that drastically marginalizes the US. He is NOT stupid or inept, although he is EXCELLENT at appearing that way. His vision is that NO ONE in America should have a better Standard of Living than anyone in Kenya, and that the Muslim Brotherhood would be MUCH better to be a Superpower than America.
rdx111. If you have a credit card with a balance of $50,000 dollars on it, and with your limited income you can't even pay the interest portion of your monthly payment - should you cut your sepending? Of course you should!!! So let's pretend you cut your spending to zero. You spend nothing. With your income still limited and barely meeting your other bills, how does the credit get paid down?? Cutting spending is only part of the solution. Revenue is the other part and Romney has offered no plan that addresses the revenue issue. Instead he flip flops on these key subject that leaves all of us scratching our heads on his plan to pay that credit card down!!
The USA needs to take a long look @ the EU and their polices that have caused their social support FAILURE...
The polices and demographics that has/is killing the EU is also alive and well in the USA. The only bright spot is the increasing numbers of Mexican workers in Calif & the USA, helping to depress wage cost...
As California and other US States economies FAIL, the US Gov will be forced to bail them out. It will be interesting to see the reactions of the states that now, do not charge state income taxes, when they have to pick-up the tab and support the people that will be fleeing these failed states...
Germany, the savior of the EU has had its GDP fall for 4 straight quarters, now @ 0.3%. And yes they are currently having discussions about Germany leaving the EU. Germany experienced the influx of unskilled labor, during both the formation of the EU and the wall coming down. The German people do not want to be holding the bag AGAIN...
BTY - The EUs GDP is 0.125% about the same as the USA...
While the ASEAN countries are enjoying a 7% GDP and growing. China has down graded their GDP to 7% from a projected 8.5%, and the media is claiming that China is failing!!! Ha! Ha!
GEE, we take in X dollars in revenue every year and yet we pay out X + $$$ out. And now we are going broke. Really, you didnt figure that out earlier. Shut down some of your BS welfare programs and handouts.
Let's see, which states are the most insolvent? As of 2010, they were:
California, Arizona, Florida, Illinois, Michigan, Nevada, New Jersey, Oregon, Rhode Island.
All except one were blue states the last election.
and Arizona was driven into the ground by years of democrat govenor jane hull who almost bankrupted us with her natural gas vehicle laws and then janet "we have a border problem" napolitano.
Thankfully Ms. Brewer is resolving most of these issues.
Socialism. It's a good idea until you run out of other people's money.
What about spending less money so that the reduced amount coming in from revenue isn't vastly exceeded by spending? Furloughs are only going to do so much and this is basically a perfect micro example of the bigger problem in this country. Whatever happened to fiscal responsibility?
I believe, if we were to take a closer look at the unfunded liabilities of these cities, we would find that the largest single factor, in all the cases will be the underfunded pension plans of their Public Sector Union Employees!
Even the President who signed the Wagner Act, FDR, warned against the establishment of Public Sector Unions and Jimmy Carter made it extremely difficult to create them at the Federal level! Before the Progressive disease overwhelmed the Democrat Party, even they understood the absolute unsustainability of this idiotic pratice!
What about spending tax money on the right things...like the American Society we built instead Bank/RealEstate/Monuments/ & "guaranteed to increase your wealth" Wall Street Scams and big Entertainment Parties. If we pay it in...its expected that it be spent for our improvement.
The problem is Julea, they are way too few "paying it in", while way too many "taking it out". Unfortunately, math does not seem to be the strong suit of those on the left.
Radical!
Liberals that run states like CA and our Senate and the White House will lose too many votes if they adhere to this kind of common sense.
California and the rest of this country could solve most of this countys financial woes by cracking down on illegal aliens. No wefare,free medical or jobs. .
I'm not kidding, there was a bonehead poster here on the vine telling me that it was the republican's fault that CA is going bankrupt. Yup, the most liberally governed state in the universe was failing, according to this genius, because of Prop 13...passed back in 1978.
Sometimes you have to read the comedy to believe it.
Looks like that this city is a victim of the housing crisis more than anything else. I would imagine that when they borrowed the money they had the financial means to make the payments on the loan. As the economy worsened people lost their houses and this caused the tax base to shrink, and now they've gone down so low they can no longer pay the bills. There's certainly blame to be placed at the hands of the city manager/council/mayor into over borrowing, but I don't think just blaming the pension system as well as illegal aliens working in town is taking a look at the full picture.
Ya i think people are taking a huge leap here. California is the 6th largest economy in the WORLD - with the biggest and most expensive real estate markets. By definition California suffered some of the worst negative impacts of the housing collapse simply because of it's economic size. When housing collapsed, there isn't a democrate or republican that could have stopped it's collapse and all the repurcussion that come with an economic meltdown. That's not to say many arguments here have merit in terms of how California is managed, but come on, you can't compare the mortgage implosion of California to a state like Oregon!!
34 year old Prop 13 is outdated and CA residents are paying one way or another via high gas prices and taxes.
brought to you by unions, illegals, and libs..............but don't worry California you still got all your stars like Kim, Lindsey,Charlie, and the likes...........good luck with that.
lets seal our southern AND western boarder.....while we're at it lets build a wall around Chicago and make it a new u.s. penal system, trouble with that though... is its already full........
"Comon Scooter - Just because our last two govenors are in jail, that's no reason to get mean. You'd have to put the wall around that whole state tho. Kind of like quarentine.
There you go Cali. Keep supporting all the illegals and you will become part of Mexico-good riddance. Jan Brewer for Head of Homland Security!
This is not actually happening, radical conservatives are creating Ca to discredit the progressive policies of Ca.
Clearly we live in a progressive utopia, the one they have always promised us. Power to the Ca progressive parasites! Don't believe these lies that we are out of money...pass the bong.
Right on.....amazing, we were able to create a state whose total population is in a drug-induced stupor in less than 50 years....Go Mendocino.....
Municipal disease my behind--it's a state disease!
They should rename the state something like 'Illegal Haven' or 'Malignant' or my favorite--'Ulcer'.
City and state governments are finding out what many regular american families have experienced for years now..
If you spend more than you have, your going to have problems. The difference is american families lose their cars, homes, jobs and ability to feed themselves.....yet they find ways to work hard and recover.
Governments answer is to keep spending and just take more from the citizens...at least the ones still working and paying taxes that is.
WE NEED CHANGE. We need government that is responsible, makes good financial decisions not emotional political decisions. We need fiscal responsibility.
The sad fact is "we the people" have the power to make it happen but we wont, the sheep will just sit back and let the wolves do their thing.