This is a national crisis of enormous proportions. As this article below makes clear, the vast majority of these city debt totals are in pension liabilities for city workers, and retiree health benefits for those same people. That means that untold MILLIONS of those city's oldest and most vulnerable populations are going to soon be dependent, almost completely, on private charity.
(Image courtesy of survivopedia.com)
Check out the link:
I've been telling anyone who will listen that when they make their retirement plans, that they should be prepared to survive without a single dime of income from any level of any government, and I still believe that is wise. The best hedge is physical gold and silver. It's as simple as that.
(Image courtesy of primalsurvivor.net.)
If the cities do go bankrupt, and the nation follows suit, just a modest amount of precious metals (trade-able types..i.e. rounds that are from MAJOR minters that will not require assaying) will skyrocket in value. Barter essentials, like staple foods, guns, ammo, water filters, coffee, tobacco...will skyrocket EVEN more.
Here's a brief excerpt from the link above:
"The top five cities in the worst financial shape are New York City, Chicago, Philadelphia, Honolulu, and San Francisco. These cities, in addition to Dallas, Oakland, and Portland, all received “F” grades. In New York City, for example, only $4.7 billion has been set aside to fund $100.6 billion of promised retiree health care benefits. In Philadelphia, every taxpayer would have to pay $27,900 to cover the city’s debt. In San Francisco, it would cost $22,600 per taxpayer."
To summarize, you MUST have a safe place at least a hundred miles from any of these cities (preferably much more) well stocked with essentials if you expect to have a decent chance of surviving what is coming.
Curated for #informationwar (by @wakeupnd)
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WE are in a bad place for sure.
That's for sure. Thanks for dropping by.
Following.
Howdy sir mepatriot! when do you think something might cause a collapse?
I didn't know Dallas was one of the cities in the worst shape!
A collapse could occur at any time--especially when the NATION these cities are in is over 20 TRILLION DOLLARS in debt. That's $80,000 FOR EVERY MAN, WOMAN & CHILD in the country!!
I don't know if there's much hope for the other cities but Texas is booming so much that Dallas should be able to pull itself out of debt, the rest of the state has record profits.
Good to hear. Everything is bigger in Texas...even profits!
yes sir, well the last I heard, a couple years ago was that Texas had a surplus of 10 billion.
That would be amazing. Have you heard of CAFR, as well? They may have much more than that. Let's hope it's true. (A newly re-sovereignized nation is going to need it!)
I'm not sure, is that like the federal government's GAO or accounting office?