Posts Tagged ‘state budgets’

Will Thousands Of Police Layoffs Unleash Chaos And Anarchy Across America?

Law enforcement is, or at least was, considered one of the (few, for libertarian-types) legitimate functions of government. Just saying. – Ilene

Will Thousands Of Police Layoffs Unleash Chaos And Anarchy Across America?

Courtesy of Michael Synder at The Economic Collapse 

 

Thousands of police officers have been laid off all across America since the current economic crisis began.  Thousands more are getting ready to be laid off.  So could we be on the verge of a new era of chaos and anarchy in America as crime runs wild and there are just far too few police to respond to it all?  That is the message that one blood-smeared billboard in Stockton, California is trying to get across.  Paid for by the Stockton, California police union, the message of the billboard is chillingly clear: "Welcome to the 2nd most dangerous city in California. Stop laying off cops."  As state, city and local governments across the United States continue to be devastated by the ongoing economic crisis, budget cuts are becoming much deeper and police forces have suddenly become a very popular target.

Officer Steve Leonesio, the president of the Stockton Police Officers Association, has announced that the police union plans to spend approximately $20,000 on at least 20 more billboards.

Why is the union putting up all of these billboards?

Well, it turns out that Stockton has been considering a plan to lay off 53 police officers in an effort to eliminate a $23 million budget deficit.

But law enforcement in Stockton has already been cut to the bone.  Recently, the Stockton Police Department dropped this bombshell….

"We absolutely do not have any narcotics officers, narcotics sergeants working any kind of investigative narcotics type cases at this point in time."

Do you think drug dealers will be flocking to Stockton after they hear that?

But the truth is that so many of these local governments around the nation are just flat broke at this point. 

Even major cities are having to admit that they have accumulated such large debts that they cannot even afford to provide the most basic services any longer.

In Oakland, California the battle over police layoffs has made national headlines over the past couple of weeks.  Oakland has laid off 80 police officers, and now the police chief says that there are some crimes that his department simply will not be able to…
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State Budgets: Serious, Ridiculous, Ugly

State Budgets: Serious, Ridiculous, Ugly

Courtesy of John Rubino, Dollar Collapse 

This week the focus shifted from Europe, where (apart from the French World Cup team) things are quiet, to the US, where state budget deadlines are forcing some tough, and occasionally bizarre, choices. Time Magazine’s cover, for instance blares The Broken States of America. An excerpt:

… Almost no one — and no place — is exempt. Nearly everywhere, tax revenue plummeted as property values tanked, incomes dwindled and consumers stopped shopping. Falling prices for stocks and real estate have made mincemeat of often underfunded public pension plans. Unemployed workers have swelled the demand for welfare and Medicaid services. Governments that were frugal in the past are just squeaking by. Governments that were lavish in the good times, building their budgets on optimism and best-case scenarios, now risk being wrecked like a shantytown in an earthquake.

How the Money Ran Out
For the first time in four decades of collecting data, the National Governors Association (NGA) reports that total state spending has dropped for two years in a row. In hard-hit Arizona, for example, the state budget has sagged to 2004 levels, despite blistering growth in population and demand for government services. Starting with the 2008 fiscal year, state governments have closed more than $300 billion in cumulative budget gaps, with another $125 billion already projected for the coming years, says Corina Eckl, fiscal-program director at the National Conference of State Legislatures (NCSL). Similar figures aren’t collected for the nation’s counties, villages and towns, but when the National League of Cities surveyed mayors recently, three-fourths of them described worsening economic conditions.

Accustomed to the ups and downs of the ordinary economic cycle, elected officials and budget planners are facing something none of them have experienced before: year after year of shortfalls, steadily compounding. Ordinarily, deficits are resolved mostly through budgetary hocus-pocus. But the length and depth of the recession are forcing governments to go beyond sleight of hand to genuine cuts. And that makes lawmakers gloomy in all but a handful of states. (It’s a swell time to be North Dakota.) According to an NCSL survey, worry or outright pessimism is the reigning mood in the vast majority of capitals.

And here’s a brief look at how some states are dealing with their deficits, starting with California:

A three-way stalemate over California’s budget


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Schwarzenegger: “Terrible Cuts” Needed to Close Deficit

Schwarzenegger: "Terrible Cuts" Needed to Close Deficit; Prison System Insanity; Mish Proposals for California

Courtesy of Mish

Floyd Mayweather Jr. v Shane Mosley

Now that growth in California’s tax revenue is widely understood to be a mirage, with April wiping out all the gains in the previous 4 months, Schwarzenegger Preps ‘Terrible Cuts’ to Close Deficit.

California Governor Arnold Schwarzenegger will seek “terrible cuts” to eliminate an $18.6 billion budget deficit facing the most-populous U.S. state through June 2011, his spokesman said.

“We can’t get through this deficit without very terrible cuts,” Schwarzenegger spokesman Aaron McLear told reporters in Sacramento. “We don’t believe that raising taxes right now is the right thing to do.”

Schwarzenegger’s newest plan will revise the proposals introduced in January to account for the tax-collection shortages. In January, the governor said California may have to eliminate entire welfare programs, including the main one that provides cash and job assistance to families below the poverty line, without an influx of cash from the federal government.

Since then, the Democrat-controlled Legislature has made few strides toward closing the budget hole. Legislation adopted during the emergency session ordered by Schwarzenegger knocked about $1.4 billion from the deficit.

Democrats this week introduced a package of bills that would raise as much as $2.9 billion annually by imposing a 10 percent severance tax on oil production in the state, repealing corporate-tax breaks approved last year to spur job growth and assessing commercial property taxes differently.

By the beginning of 2010, Schwarzenegger and the lawmakers had closed a $60 billion deficit partly by slashing spending on schools, temporarily raising taxes and borrowing from local governments.

Prison System Insanity

Prisoner with ball and chain

I do not care for the Greece comparison, but some of the slides in 16 Reasons Why California Is The Next Greece are quite telling.

Slide #7: In 23 years, California erected 23 prisons and ONLY ONE university
"In a recent 23-year period, California erected 23 prisons — one a year, each costing roughly $100 million dollars annually to operate, with both Democratic and Republican governors occupying the statehouse — at the same time that it added just one campus to its vaunted university system, UC Merced."

Slide #9: CA spends $859 million per year on imprisoned illegal immigrants
"There are roughly 19,000 illegal immigrants in state prisons, representing 11% of all inmates. That’s costing $970 million during


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Coming Up Short…er

Click here for a FREE, 90-day trial subscription to our PSW Report!

Check out how your state’s budget is doing here. 

problems Coming Up Short…er

Courtesy of Michael Panzner at Financial Armageddon


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Phil's Favorites

These scientists are using DNA to target new drugs for your genes - Medicine made for you part 1

 

These scientists are using DNA to target new drugs for your genes - Medicine made for you part 1

By Science Photo/Shutterstock

Courtesy of Annabel Bligh, The Conversation; Gemma Ware, The Conversation, and Holly Squire, The Conversation

Welcome to the first episode of Medicine made for you, a ...



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Biotech & Health

These scientists are using DNA to target new drugs for your genes - Medicine made for you part 1

 

These scientists are using DNA to target new drugs for your genes - Medicine made for you part 1

By Science Photo/Shutterstock

Courtesy of Annabel Bligh, The Conversation; Gemma Ware, The Conversation, and Holly Squire, The Conversation

Welcome to the first episode of Medicine made for you, a ...



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Zero Hedge

Jaguar Land Rover UK Factory To Run Out of Chinese Parts In Weeks

Courtesy of ZeroHedge View original post here.

The amount of supply chain disruptions that are coming out of the woodwork is nothing short of astonishing. This could shock the hell out of the global economy, forcing a trade recession that would lead to a readjustment of stock prices. At this moment, central bankers are terrified, because monetary policy i...



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The Technical Traders

Is The Technology Sector Setting Up For A Crash? Part II

Courtesy of Technical Traders

In the first section of this article, we highlighted three key components/charts illustrating why the “rally to the peak” is very likely a result of a continued Capital Shift away from risk and into the US stock market as an attempt to avoid foreign market growth concerns.  This method of pouring capital into the US stock market is a process that is driving incredible asset rallies in the US technology sector.  Already the US technology sector (FANG and our Custom Technology Index charts) are up almost 15% in 2020.  How long will it last and when will it end?

Recently, China has revised the Coronavirus data with a sharp increase in infection cases – now ov...



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Kimble Charting Solutions

Tech Leader Facing Important Long-Term Breakout Test!

Courtesy of Chris Kimble

Since the 2009 lows, Semiconductors have been taken a leadership role as they have far outpaced the gains of the S&P 500.

Gains since the 2009 lows; SOXX Index = +821% S&P 500 = +273%.

The SOXX index has spent the majority of the past 10-years inside of rising channel (1), which first started at the  2009 lows.

As the SOXX index is testing the top of this 10-year rising channel, it is also testing its Fibonacci 423% extension level of its 2001 highs and 2009 lows at (2).

This leading index would send a positive message t...



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Chart School

RTT browsing latest..

Courtesy of Read the Ticker

Please review a collection of WWW browsing results. The information here is delayed by a few months, members get the most recent content.



Date Found: Tuesday, 01 October 2019, 02:18:22 AM

Click for popup. Clear your browser cache if image is not showing.


Comment: Wall of worry, or cliff of despair!



Date Found: Tuesday, 01 October 2019, 06:54:30 AM

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Comment: Interesting.. Hitler good for the German DAX when he was winning! They believed .. until th...



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Insider Scoop

6 Consumer Cyclical Stocks Moving In Tuesday's Pre-Market Session

Courtesy of Benzinga

Gainers
  • Tesla, Inc. (NASDAQ: TSLA) shares rose 6.9% to $855.12 during Tuesday's pre-market session. The most recent rating by Morgan Stanley, on February 18, is at Underweight, with a price target of $500.00.
  • Foresight Autonomous, Inc. (NASDAQ: FRSX) shares moved upwards by 5.8% to $1.10.
  • NIO, Inc. (NYSE: NIO) stock surged 2.4% to $3.87. The most recent rating by Piper Jaffray, on December 03, is at Neutral, with a price ...


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Members' Corner

How to Stop Bill Barr

 

How to Stop Bill Barr

We must remove this cancer on our democracy.

Courtesy of Greg Olear, at PREVAIL, author of Dirty Rubles: An Introduction to Trump/Russia

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ValueWalk

Russell 2000 Index (RUT) hits an almost one-month high

By Gorilla Trades. Originally published at ValueWalk.

Ad the Russell 2000 Index (INDEXRUSSELL: RUT) hit an almost one-month high today, commenting on today’s trading Gorilla Trades strategist Ken Berman said:

Q4 2019 hedge fund letters, conferences and more

Russell 2000 Index (INDEXRUSSELL: RUT) Outperforms Large-Cap Benchmarks

While the overnight session was nothing short of scary stocks held on to most of yesterday's gains and small-caps even extended their winning streak. The Russell 2000 Index (INDEXRUSSELL: RUT) hit an almost one-month high today, finishing higher for the fourth day in a row while outperforming the large-cap benchmarks, and since the Volatility...



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Digital Currencies

Bitcoin Price May Hit $27K All-Time High By Summer, Predicts Fundstrat's Tom Lee

Courtesy of ZeroHedge View original post here.

Authored by William Suberg via CoinTelegraph.com,

Bitcoin is primed for average gains of almost 200% over the next six months, one of its best-known supporters has told mainstream media. 

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Lee's Free Thinking

Why Blaming the Repo Market is Like Blaming the Australian Bush Fires

 

Why Blaming the Repo Market is Like Blaming the Australian Bush Fires

Courtesy of  

The repo market problem isn’t the problem. It’s a sideshow, a diversion, and a joke. It’s a symptom of the problem.

Today, I got a note from Liquidity Trader subscriber David, a professional investor, and it got me to thinking. Here’s what David wrote:

Lee,

The ‘experts’ I hear from keep saying that once 300B more in reserves have ...



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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

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Phil has a chapter in a newly-released eBook that we think you’ll enjoy.

In My Top Strategies for 2017, Phil's chapter is Secret Santa’s Inflation Hedges for 2017.

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