46 Of 50 States Could File Bankruptcy In 2009-2010 (Congress, companies, leader)

[truthseeker2012]

There is a high chance a majority of the States within the United States of America could file for Chapter 9 bankruptcy. There are currently 46 states with high budget deficits

46 Of 50 States Could File Bankruptcy In 2009-2010 « Freedom Arizona

[Wendell Phillips]

A State is not an entity eligible to file bankruptcy under Chapter 9 of the Bankruptcy Code. See 11 U.S.C. § 109(c).

[Greatday]

Originally Posted by Wendell Phillips

A State is not an entity eligible to file bankruptcy under Chapter 9 of the Bankruptcy Code. See 11 U.S.C. § 109(c).

While you are correct, there is nothing to prevent the various "municipalities" within the various states to file

[Miborn]

And one of them wont be Alaska! Hmmmmmm.

[arctichomesteader]

Originally Posted by Miborn

And one of them wont be Alaska! Hmmmmmm.

Alaska ought to secede...before these other states look to steal its money (permanent fund, etc.) using the federal beast.

[jojajn]

Wow, and the Republicans are still playing politics rather than getting something done! What does the republican congress want, more of the same from the last eight years?

[jojajn]

Originally Posted by Miborn

And one of them wont be Alaska! Hmmmmmm.

The oil companies own that place and their still posting record profits!

[jojajn]

Originally Posted by Miborn

And one of them wont be Alaska! Hmmmmmm.

Not so fast!

"Not so sparky," said Sen. Bert Stedman, R-Sitka, who wonders if the distractions of her newfound celebrity will keep Palin from devoting her full attention to Alaska's looming budget shortfall."


General News - Alaska lawmakers question Sarah Palin's focus (http://www.comcast.net/articles/news-general/20090131/Palin.Returns/ - broken link)

[mcmastersteve]

The American taxpayer will go bankrupt before the majority of the individual states will. The U.S is currently being propped up by foreign lenders who still view the U.S as a more secure nation than others around the globe. Many other nations like Italy and Iceland are closer to bankruptcy.

China is still the largest holder of U.S treasury bills followed by Japan and Great Britain. China has been using the treasury bills as a huge stick in garnering special treatment with Chinese imports.Several prominent Chinese leaders within the central committee have expressed the desire to get out of U.S. treasury bills once any of Congress's actions leads to inflationary pressures.
If China reduces its exposure to American debt the potential for the U.S. to have to raise taxes by over $700 billion is a real possibility.
Either way, Americans will have to get used to smaller cars, smaller homes and smaller waistlines as the government will have a hard time providing benefits and services while paying the growing interest on this ever increasing national debt.

[EinsteinsGhost]

Originally Posted by Miborn

And one of them wont be Alaska! Hmmmmmm.

Alaska is facing a $1B deficit. While it may not sound as bad as California which is $42B under, consider this fact: California has 33 million people, a per capita deficit of $1250. Alaska has 650K people, a per capita deficit of $1550.

On the bright side, Alaska state as a whole is only half as bad as the little town of Wasilla that ended up going $23 million under Palin (about $3000/per person).