Chủ Nhật, 24 tháng 10, 2010

Party of Locusts: a Roundup of Fiscal Destruction Wrought by Democrats in Their Awesome Utopias of California, Illinois and New York

Rhetorical question: Why aren't Democrats running on their accomplishments?

Rhetorical answer: Because they're like locusts, destroying state after state after state; running from one to the other and leaving a trail of destruction.

And they have now controlled Congress for four long years. The nation is trembling.

California: State unemployment benefits fund billions in debt
California's now-resolved $19 billion budget shortfall got plenty of attention in recent months, but a state report released Wednesday highlights the state's other massive deficit - in the unemployment insurance fund, which will be $10.3 billion in the hole by year's end.

The report by the nonpartisan Legislative Analyst's Office warns of dire consequences if California's leaders do not tackle the fund's insolvency: The federal government could impose steep taxes on California businesses beginning in 2012, and the state could lose $400 million in federal dollars annually.

The deficit is the result of the state paying out more in unemployment benefits than it collects. The shortfall is offset by federal loans, but the state must begin paying interest on those loans next year.

The report warns that the only way for the crisis to be resolved without drastic change, such as tax increases, is for the state's unemployment rate to drop to 4 percent - a near impossibility...

Illinois: 'Illinois' financial situation is worse than any other state in the country'
Illinois' financial situation is worse than any other state in the country according to a study by the National Conference of State Legislatures. The state ended Fiscal Year 2010 in worse shape than any other state (the state’s general fund balance was the lowest it has ever been at negative $4.7 billion) and the state's budget situation has been called "tenuous at best."

...State employee layoffs are not part of the plan due to a deal earlier this year in which the AFSCME agreed to defer part of its scheduled pay raises in exchange for a guarantee of no layoffs or facility closures through June 30, 2011. The study by the National Conference of State Legislatures reported in its study that the state plans to boost spending for FY2010 by 15.1%.

Illinois has a total state debt of $120,743,173,392 when calculated by adding the total of outstanding debt, pension and OPEB UAAL’s, unemployment trust funds and the 2010 budget gap as of July 2010...

New York: State faces budget gaps of $37B in next three years
The state faces budget gaps of at least $37 billion over the next three years, and state spending is far outpacing revenue.

County and city governments are proposing budgets with layoffs and service cuts — on top of the ones they've already made. Upstate is suffering from population losses, struggling urban cores and a dwindling manufacturing base.

Meanwhile, the cost of living in New York continues to rise, putting further strain on its population and economic base. The Tax Foundation last month showed that Monroe County has the highest percentage of taxes paid compared with home values in the country...

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It's up to all of us next Tuesday. To stop the spread of the Locust Party. Vote the straight Republican ticket. While the Republicans aren't perfect, most of them also aren't locusts destroying our society from within.


Hat tip: Mark Levin.

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