Jefferson county, Birmingham, Ala.

Discussion in 'Other News' started by chalupa, Jul 30, 2011.

  1. Jul 30, 2011 #1
    chalupa

    chalupa Road Train Member

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    News reports tonight that Jefferson County which includes Birmingham, Alabama is on the verge of municipal bankruptcy.

    A declining tax base, a bad economy and a corruption scandal on an over budget sewer plant put the final nails in the coffin. Current 11th hour plays include asking lenders to forgive over 1 billion in interest from 3 billion in interest owed. ( long term bond interest )

    If the bankruptcy happens it will be the largest municipal bankruptcy in U.S. history.

    Sorry, no link to qualify remarks. Seen on CBS news 07/30/2011

    This is very bad news........
     
    chalupa, Jul 30, 2011
    chalupa, Jul 30, 2011
    #1
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  3. Jul 30, 2011 #2
    123456

    123456 Road Train Member

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    Good Thing.........................................






















    A Country Boy Can Suvive !!!!!!
     
    123456, Jul 30, 2011
    123456, Jul 30, 2011
    #2
  4. Jul 31, 2011 #3
    Pedigreed Bulldog

    Pedigreed Bulldog Road Train Member

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    Whenever a government entity goes bankrupt, anyone who has held office during the 20 years leading up to that bankruptcy ought to be imprisoned for a term 3 times as long as they held office.

    Same should happen in the federal government if we lose our AAA bond rating. Heck, just hitting the debt ceiling ought to trigger prison terms for anyone in elected office....1 day for each dollar they need to raise it.

    These problems do not develop overnight...and those responsible ought to be held liable. These people have been placed in a position of public trust, and they have violated that trust. Lock 'em up. Each and every one of 'em.
     
    Pedigreed Bulldog, Jul 31, 2011
    Pedigreed Bulldog, Jul 31, 2011
    #3
  5. Jul 31, 2011 #4
    chalupa

    chalupa Road Train Member

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    Agreed to a point. Much of this is from an accepted standard of budgeting called zero based budgeting which means you must deplete you annual allotment or be penalized next year by reductions. There is no incentive to save money or be prudent with spending. If you throw in that it's the taxpayers money attitude then this is one of the results.

    It is the citizens of this county that will suffer the most. In the post bankruptcy period the county will not be able to sell bonds ( affordable ) so there will be no capital projects like parks, water mains and street upgrades. It will also result in a more aggressive police force on tickets and warrants and finally more fees added to services like trash and water plus a strong push to raise property values / tax collections.

    This scenario generally creates flight. Those businesses and homeowners that can leave , will, and further increase the negative load on the already strained county budget.

    No good for anyone.....
     
    chalupa, Jul 31, 2011
    chalupa, Jul 31, 2011
    #4
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