ARE THE STATES REALLY BROKE OR HIDING ASSETS?
By: Devvy
February 3, 2009
© 2008 - NewsWithViews.com
46 Of 50 States Could File Bankruptcy In 2009-2010
"It's very possible you'll see the end of the United States as we know it. If the Fed doesn't bailout the States when their cash dries up and the banks don't loan them money, then our States will be left in financial ruin. This would be a tragic and unprecedented event never experienced in the United States."
An all too familiar refrain. California is getting the highest visibility. A state run by a nit wit governor who has continued to rubber stamp the mass fleecing of taxpayers year after year by the Democrat controlled state legislature. Barack Hussein Obama aka Barry Soetoro aka and so forth, is claiming that Republican governors are begging for the gang rape "economic stimulus package." Actually, governors of both parties want their share of the booty, some $176 BILLION dollars that doesn't exist:
Minnesota Gov. Tim Pawlenty, who is widely viewed as a potential presidential contender in 2012, said governors have little choice but to accept the relief being offered. "States have to balance their budgets," he said. "So if we're going to go down this path, we are entitled to ask for our share of the money."
They're all lining up, including Saint Sarah Palin. I got beat up from Sarah fans during the pretend election because I would never vote for her based on her past record as a governor, her phony rhetoric about being a reformer and the poor judgment she displayed regarding her former brother-in-law. Palin signed bloated budgets and now she's lined up with her hands out for you to pay for her state's shortfall under her stewardship:
"We in Alaska all know Alaska has a fiscal disaster waiting to happen. If the oil production decline rate steepens and oil prices drop, the state's rosy financial situation could turn bleak, which could be a problem with a bloated state budget."
This woman has never met an earmark she didn't love. Palin attended the Alfalfa Dinner last weekend in Washington, DC. This 'closed club' of 200 of Washington's "elites" was established in 1913. No press allowed. Saint Sarah was introduced to the attendees by none other than Vernon Jordan. Remember him? He was the adulterer-in-chief's legal fixer when he dropped his drawers for Monica Lewinsky. Jordan also introduced Slick Willy to world "leaders" at the Bilderberger conference in 1991. That's when the fix was in to install a little known governor who raped a woman named Juanita Broaddrick and was famous for his sexual escapades and cocaine use. I have some advice for Palin: Lie down with dogs, get up with fleas. However, as she is a player and not some neophyte in the world of politics, Palin has her own agenda. She also has a financial mess in her own state.
Where is this $176 BILLION dollars supposed to come from? Not the people's treasury. It's now over drawn $10.6 TRILLION dollars with the interest compounding faster than a speeding bullet and another $72 TRILLION DOLLARS in debt for programs like social security, Medicare the these endless "wars" against terrorism.
Are all these governors stupid? Have they never heard of the 'national debt'? Where do they think this "money" will come from? This worthless fiat currency will have to be borrowed by CON-gress from the "FED." They will create more debt to reward state legislatures for incompetence and they want you, me, our children and grand children to hand over every penny we make to fund this lunacy. It will turn into nothing more than another massive "income" tax hike through the back door.
But, are the states really broke?
At least ten years ago, a man named Walter Burien began exposing something called a CAFR: Comprehensive Annual Financial Report. Walter managed to get on a SF radio show hosted by my friend, Geoff Metcalf. It was a real eye opener. Try as we all did, not one newspaper in the State of California would expose the truth of how the taxpayers were being fleeced. Nor would 99% of the radio stations statewide. I guess they all love being flogged every April 15th to reward the thieves in the state house.
I've written about this issue before and perhaps now, with the states crying poor, the citizens of the 50 states will do what I did years ago: I went to the Comptroller's Office in downtown Sacramento and got a copy of the CAFR. Oh, they didn't want to give it to me, but I whipped out my press credentials and after some muss and fuss, I obtained a copy. I am not an accountant so a lot of that tome was foreign to me. However, thanks to Walter and Gerald Klatt, even someone like me can understand this complicated shell game:
What is the Comprehensive Annual Financial Report (CAFR)?
By Gerald R. Klatt
"Each year all State and local governments prepare a financial report on assets, liabilities, revenues and expenditures in more or less a standardized format that must conform to the Government Accounting Standards Board (GASB) accounting and financial reporting standards. This financial report is called the Comprehensive Annual Financial Report (CAFR, pronounced "cay-fer"). Most people have heard of the budget, which is the document that plans and authorizes the spending of money. The CAFR describes what actually was spent and the status of assets and liabilities at the end of the fiscal year."
This is Walter's attempt last month to get the intellectually lazy fools at the LA Times to do their job for a change:
Evan Halper and Patrick McGreevy
Staff reporters - LA Times
Evan and Patrick:
Per your article: California controller to suspend tax refunds, welfare checks, student grants. "John Chiang announces that his office will suspend $3.7 billion in payments owed to Californians starting Feb. 1, because with no budget in place the state lacks sufficient cash to pay its bills."
"You say short on CASH, stopping payments in the CA Budget accounting? Well now then, let's take a look at the squirreled away investment, self insurance, and advance liability cash equivalent accounts, and many enterprise operations have as can be examined in the California State and "other" CA local government's Annual Financial Reports known as the CAFR (Comprehensive Annual Financial Report) to see a true standing of CA Government wealth held and growth of these, what can be called nothing other than; "for profit government incorporated entities:"
"Some examples of CAFR reports are as follows:
California Government Category Listings
California local Government CAFRs
"As a guide for you, here is a potential surplus review conducted of just "exclusively" for CA State government Inc., conducted in 2004 by Gerald Klatt, a retired Federal Auditor of 30 years that you can use as a guide for a 2009 CAFR review of just CA State Government - and then you can take a look at the some 4,500 other local government AFR's or CAFR's which in composite totals will dwarf the state totals...
"I have sent a CC copy of this communication to Governor Schwarzengger's office for his review also.
"And let us not forget to look and see how much investment wealth local CA governments have standing in a few of the CA government employee "strictly participatory" (employee buys a ticket to ride from point "A" to point "B" on the train but do not own one piece thereof, the local government owns the train), actuarial inflated retirement system wealth accumulation. Are they faring better than the private sector? It appears most definitely yes, and by far...
"What are the trillions of dollars in totals? It is way up there for total CA Government wealth held! Now do the math..... Problem you say? Yes, for the peoples of CA but not so as it appears for the local Governments of California. Learn the "Shell Game" played at your expense."
California: Alameda County Employees' Retirement System, California Public Employees' Retirement System, California State Teachers' Retirement System,
CalPERS 457 Public Agency Deferred Compensation Program
CalPERS Investments and CAFR report: Contra Costa County Employees’ Ret. Assoc., Judges' Retirement System I, Judges' Retirement System II, Legislators' Retirement System, Los Angeles City Employees’ Retirement System, Los Angeles County Employees' Retirement Assoc., Marin County Employees’ Retirement Association, Merced County Employees’ Ret. Association, Office of the President, University of California, Orange County Employees' Retirement System, Part-time, Seasonal or Temporary Employee (PST) Retirement Plan, Sacramento County Employees' Ret. System, San Bernardino County Employees’ Retirement Association, San Diego County Employees Retirement Association, San Francisco Employees' Retirement System, San Joaquin County Employees’ Retirement Association, San Mateo County Employees’ Retirement Association, Savings Plus Program, Sonoma County Employees’ Retirement Association, Stanislaus County Employees’ Retirement Association, State Peace Officers’ and Firefighters’ Defined Contribution Program, Tulare County Employees’ Retirement Association
Ventura County Employees’ Retirement Association
You can type in the system for any of the above, i.e., California State Teachers Retirement System into a search engine. When it comes up, hit 2008 CAFR released. Then you can see the numbers.
Now, go read this pdf file from a representative in the Oregon State Legislature. This will give you a good idea of how a state legislature enters into contractual agreements that are unrealistic and cannot be met decades down the road. Notice what Rep. Richardson says: Once the special interest groups got wind that the legislature was going to live within its means and fund priority expenditures necessary, they mobilized and ganged up on their state rep and senator. "Gimmee, gimmee!" Rep. Richardson is serving his constituency well with his reports and the people of Oregon need to support him and get in the face of their representative.
You see, it's the same old merry-go-round. The real issue is taxes. If the American people were allowed to keep the fruits of their labor, they wouldn't need to continue demanding more and more from mother government, state or federal. There's nothing wrong with retirement systems as long as there is money to pay for them when the time comes for the draw outs. Not only have these states mismanaged their budgets and forecasts, what about the monstrous drain on the states from illegal aliens? In California, the state legislature and many mayors like Antonio Villaraigosa coddle and protect these criminals:
$11 Billion to $22 billion is spent on welfare to illegal aliens each year by state governments.
Among the largest costs are Medicaid ($2.5 billion); treatment for the uninsured ($2.2 billion); food assistance programs such as food stamps, WIC, and free school lunches ($1.9 billion); the federal prison and court systems ($1.6 billion); and federal aid to schools ($1.4 billion).
$90 Billion Dollars a year is spent on illegal aliens for Welfare & social services by the American taxpayers.
$12 Billion dollars a year is spent on primary and secondary school education for children here illegally robbing American children within the states of a real education because resources are sucked up to reward breaking our immigration laws. How about this: ''The Dark Side of Illegal Immigration: Nearly One million sex crimes Committed by Illegal Immigrants In The United States .' The cost of incarcerating these animals in state jails and prisons is astronomical. Instead of the states standing up and saying NO to the federal machine and asserting their sovereignty, they simply fleece your wallet. Instead of deporting these millions of illegal aliens (they are NOT immigrants), state legislatures and these governors roll out the red carpet and hand you the huge "pay up" on April 15th.
Mr. Klatt's report back in 2003 shows California had a surplus of $59.83 BILLION dollars. They continued to tax the hell out of the taxpayer. Now, faced with a $40 BILLION dollar "shortfall," they want to tax every breath taken by a California citizen. How much is your state hiding? Click here to see how to become part of exposing this shell game. I'm telling you if people don't get active and hold these legislatures accountable, we're all going to end up in rags while supporting grotesque spending and a free ride for illegal aliens.
Colorado has just introduced an honest money bill. This is picking up steam. YOU must become part of staying in the face of your state rep and senator to get the bill passed. Same as Indiana. See here for the master web site on these bills.
I am going out of the state in a couple of days on business and to see my 82-year old mommy. While I'm gone, I won't have a column until around Feb. 23, 2009. I hope you'll book mark this column and take the time to follow up on these links and the videos listed below. Please take the time on the weekend or when you can, to either read or listen to the truth about taxation and the debt:
1 - Why an income tax is not necessary to fund the federal government - Text or audio
2 - The right argument on taxes
3 - Watch this video (free): state income tax tied to federal
I hope you'll listen to my radio show, Solutions Not Politics. Alan Stang will guest host for me, February 5, 2009. Patrick Briley will be my guest, Feb. 9, 10 and 11th. You don't want to miss those shows. Monday-Friday. 6:00 pm PST, 8:00 pm CST and 9:00 pm EST. Listen live:
Feel free to call in and ask questions or vent!
By: Devvy
February 3, 2009
© 2008 - NewsWithViews.com
46 Of 50 States Could File Bankruptcy In 2009-2010
"It's very possible you'll see the end of the United States as we know it. If the Fed doesn't bailout the States when their cash dries up and the banks don't loan them money, then our States will be left in financial ruin. This would be a tragic and unprecedented event never experienced in the United States."
An all too familiar refrain. California is getting the highest visibility. A state run by a nit wit governor who has continued to rubber stamp the mass fleecing of taxpayers year after year by the Democrat controlled state legislature. Barack Hussein Obama aka Barry Soetoro aka and so forth, is claiming that Republican governors are begging for the gang rape "economic stimulus package." Actually, governors of both parties want their share of the booty, some $176 BILLION dollars that doesn't exist:
Minnesota Gov. Tim Pawlenty, who is widely viewed as a potential presidential contender in 2012, said governors have little choice but to accept the relief being offered. "States have to balance their budgets," he said. "So if we're going to go down this path, we are entitled to ask for our share of the money."
They're all lining up, including Saint Sarah Palin. I got beat up from Sarah fans during the pretend election because I would never vote for her based on her past record as a governor, her phony rhetoric about being a reformer and the poor judgment she displayed regarding her former brother-in-law. Palin signed bloated budgets and now she's lined up with her hands out for you to pay for her state's shortfall under her stewardship:
"We in Alaska all know Alaska has a fiscal disaster waiting to happen. If the oil production decline rate steepens and oil prices drop, the state's rosy financial situation could turn bleak, which could be a problem with a bloated state budget."
This woman has never met an earmark she didn't love. Palin attended the Alfalfa Dinner last weekend in Washington, DC. This 'closed club' of 200 of Washington's "elites" was established in 1913. No press allowed. Saint Sarah was introduced to the attendees by none other than Vernon Jordan. Remember him? He was the adulterer-in-chief's legal fixer when he dropped his drawers for Monica Lewinsky. Jordan also introduced Slick Willy to world "leaders" at the Bilderberger conference in 1991. That's when the fix was in to install a little known governor who raped a woman named Juanita Broaddrick and was famous for his sexual escapades and cocaine use. I have some advice for Palin: Lie down with dogs, get up with fleas. However, as she is a player and not some neophyte in the world of politics, Palin has her own agenda. She also has a financial mess in her own state.
Where is this $176 BILLION dollars supposed to come from? Not the people's treasury. It's now over drawn $10.6 TRILLION dollars with the interest compounding faster than a speeding bullet and another $72 TRILLION DOLLARS in debt for programs like social security, Medicare the these endless "wars" against terrorism.
Are all these governors stupid? Have they never heard of the 'national debt'? Where do they think this "money" will come from? This worthless fiat currency will have to be borrowed by CON-gress from the "FED." They will create more debt to reward state legislatures for incompetence and they want you, me, our children and grand children to hand over every penny we make to fund this lunacy. It will turn into nothing more than another massive "income" tax hike through the back door.
But, are the states really broke?
At least ten years ago, a man named Walter Burien began exposing something called a CAFR: Comprehensive Annual Financial Report. Walter managed to get on a SF radio show hosted by my friend, Geoff Metcalf. It was a real eye opener. Try as we all did, not one newspaper in the State of California would expose the truth of how the taxpayers were being fleeced. Nor would 99% of the radio stations statewide. I guess they all love being flogged every April 15th to reward the thieves in the state house.
I've written about this issue before and perhaps now, with the states crying poor, the citizens of the 50 states will do what I did years ago: I went to the Comptroller's Office in downtown Sacramento and got a copy of the CAFR. Oh, they didn't want to give it to me, but I whipped out my press credentials and after some muss and fuss, I obtained a copy. I am not an accountant so a lot of that tome was foreign to me. However, thanks to Walter and Gerald Klatt, even someone like me can understand this complicated shell game:
What is the Comprehensive Annual Financial Report (CAFR)?
By Gerald R. Klatt
"Each year all State and local governments prepare a financial report on assets, liabilities, revenues and expenditures in more or less a standardized format that must conform to the Government Accounting Standards Board (GASB) accounting and financial reporting standards. This financial report is called the Comprehensive Annual Financial Report (CAFR, pronounced "cay-fer"). Most people have heard of the budget, which is the document that plans and authorizes the spending of money. The CAFR describes what actually was spent and the status of assets and liabilities at the end of the fiscal year."
This is Walter's attempt last month to get the intellectually lazy fools at the LA Times to do their job for a change:
Evan Halper and Patrick McGreevy
Staff reporters - LA Times
Evan and Patrick:
Per your article: California controller to suspend tax refunds, welfare checks, student grants. "John Chiang announces that his office will suspend $3.7 billion in payments owed to Californians starting Feb. 1, because with no budget in place the state lacks sufficient cash to pay its bills."
"You say short on CASH, stopping payments in the CA Budget accounting? Well now then, let's take a look at the squirreled away investment, self insurance, and advance liability cash equivalent accounts, and many enterprise operations have as can be examined in the California State and "other" CA local government's Annual Financial Reports known as the CAFR (Comprehensive Annual Financial Report) to see a true standing of CA Government wealth held and growth of these, what can be called nothing other than; "for profit government incorporated entities:"
"Some examples of CAFR reports are as follows:
California Government Category Listings
California local Government CAFRs
"As a guide for you, here is a potential surplus review conducted of just "exclusively" for CA State government Inc., conducted in 2004 by Gerald Klatt, a retired Federal Auditor of 30 years that you can use as a guide for a 2009 CAFR review of just CA State Government - and then you can take a look at the some 4,500 other local government AFR's or CAFR's which in composite totals will dwarf the state totals...
"I have sent a CC copy of this communication to Governor Schwarzengger's office for his review also.
"And let us not forget to look and see how much investment wealth local CA governments have standing in a few of the CA government employee "strictly participatory" (employee buys a ticket to ride from point "A" to point "B" on the train but do not own one piece thereof, the local government owns the train), actuarial inflated retirement system wealth accumulation. Are they faring better than the private sector? It appears most definitely yes, and by far...
"What are the trillions of dollars in totals? It is way up there for total CA Government wealth held! Now do the math..... Problem you say? Yes, for the peoples of CA but not so as it appears for the local Governments of California. Learn the "Shell Game" played at your expense."
California: Alameda County Employees' Retirement System, California Public Employees' Retirement System, California State Teachers' Retirement System,
CalPERS 457 Public Agency Deferred Compensation Program
CalPERS Investments and CAFR report: Contra Costa County Employees’ Ret. Assoc., Judges' Retirement System I, Judges' Retirement System II, Legislators' Retirement System, Los Angeles City Employees’ Retirement System, Los Angeles County Employees' Retirement Assoc., Marin County Employees’ Retirement Association, Merced County Employees’ Ret. Association, Office of the President, University of California, Orange County Employees' Retirement System, Part-time, Seasonal or Temporary Employee (PST) Retirement Plan, Sacramento County Employees' Ret. System, San Bernardino County Employees’ Retirement Association, San Diego County Employees Retirement Association, San Francisco Employees' Retirement System, San Joaquin County Employees’ Retirement Association, San Mateo County Employees’ Retirement Association, Savings Plus Program, Sonoma County Employees’ Retirement Association, Stanislaus County Employees’ Retirement Association, State Peace Officers’ and Firefighters’ Defined Contribution Program, Tulare County Employees’ Retirement Association
Ventura County Employees’ Retirement Association
You can type in the system for any of the above, i.e., California State Teachers Retirement System into a search engine. When it comes up, hit 2008 CAFR released. Then you can see the numbers.
Now, go read this pdf file from a representative in the Oregon State Legislature. This will give you a good idea of how a state legislature enters into contractual agreements that are unrealistic and cannot be met decades down the road. Notice what Rep. Richardson says: Once the special interest groups got wind that the legislature was going to live within its means and fund priority expenditures necessary, they mobilized and ganged up on their state rep and senator. "Gimmee, gimmee!" Rep. Richardson is serving his constituency well with his reports and the people of Oregon need to support him and get in the face of their representative.
You see, it's the same old merry-go-round. The real issue is taxes. If the American people were allowed to keep the fruits of their labor, they wouldn't need to continue demanding more and more from mother government, state or federal. There's nothing wrong with retirement systems as long as there is money to pay for them when the time comes for the draw outs. Not only have these states mismanaged their budgets and forecasts, what about the monstrous drain on the states from illegal aliens? In California, the state legislature and many mayors like Antonio Villaraigosa coddle and protect these criminals:
$11 Billion to $22 billion is spent on welfare to illegal aliens each year by state governments.
Among the largest costs are Medicaid ($2.5 billion); treatment for the uninsured ($2.2 billion); food assistance programs such as food stamps, WIC, and free school lunches ($1.9 billion); the federal prison and court systems ($1.6 billion); and federal aid to schools ($1.4 billion).
$90 Billion Dollars a year is spent on illegal aliens for Welfare & social services by the American taxpayers.
$12 Billion dollars a year is spent on primary and secondary school education for children here illegally robbing American children within the states of a real education because resources are sucked up to reward breaking our immigration laws. How about this: ''The Dark Side of Illegal Immigration: Nearly One million sex crimes Committed by Illegal Immigrants In The United States .' The cost of incarcerating these animals in state jails and prisons is astronomical. Instead of the states standing up and saying NO to the federal machine and asserting their sovereignty, they simply fleece your wallet. Instead of deporting these millions of illegal aliens (they are NOT immigrants), state legislatures and these governors roll out the red carpet and hand you the huge "pay up" on April 15th.
Mr. Klatt's report back in 2003 shows California had a surplus of $59.83 BILLION dollars. They continued to tax the hell out of the taxpayer. Now, faced with a $40 BILLION dollar "shortfall," they want to tax every breath taken by a California citizen. How much is your state hiding? Click here to see how to become part of exposing this shell game. I'm telling you if people don't get active and hold these legislatures accountable, we're all going to end up in rags while supporting grotesque spending and a free ride for illegal aliens.
Colorado has just introduced an honest money bill. This is picking up steam. YOU must become part of staying in the face of your state rep and senator to get the bill passed. Same as Indiana. See here for the master web site on these bills.
I am going out of the state in a couple of days on business and to see my 82-year old mommy. While I'm gone, I won't have a column until around Feb. 23, 2009. I hope you'll book mark this column and take the time to follow up on these links and the videos listed below. Please take the time on the weekend or when you can, to either read or listen to the truth about taxation and the debt:
1 - Why an income tax is not necessary to fund the federal government - Text or audio
2 - The right argument on taxes
3 - Watch this video (free): state income tax tied to federal
I hope you'll listen to my radio show, Solutions Not Politics. Alan Stang will guest host for me, February 5, 2009. Patrick Briley will be my guest, Feb. 9, 10 and 11th. You don't want to miss those shows. Monday-Friday. 6:00 pm PST, 8:00 pm CST and 9:00 pm EST. Listen live:
Feel free to call in and ask questions or vent!
posted by shummer60 at Thursday, February 05, 2009
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