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Thread: Hartford Warns It Could File for Bankruptcy

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    Default Hartford Warns It Could File for Bankruptcy

    Like many cities across america.


    Hartford Warns It Could File for Bankruptcy


    City officials warned Gov. Dannel Malloy, a Democrat, and state lawmakers that Hartford, which has a deficit approaching $50 million, wouldn't be able to pay all of its bills within 60 days. Hartford officials said it would file for bankruptcy at that point unless the state legislature passes a budget that gives the city more funding or otherwise provides it with more cash.
    House Democrats said calling for a vote on the budget will put pressure on lawmakers to choose between that spending plan, which likely would give more money to cities and towns, or the governor's executive order, which has made painful cuts to municipal funding.
    Hartford officials also asked the state legislature to create a new board to settle contract disputes with labor unions.

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    Default Re: Hartford Warns It Could File for Bankruptcy

    Not to worry.. Governor will bail them out.. most likely just add another tax..

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    Default Re: Hartford Warns It Could File for Bankruptcy

    Quote Originally Posted by strapdrager View Post
    Like many cities across america.


    Hartford Warns It Could File for Bankruptcy
    This is the type of attitude and story which makes me say 'NO!" to any tax dollars for texas and Harvey...or Florida and Irma.....

    No money for union workers and pensions....no money for the banks in saving these people's properties.
    Eager to see us collapse.......they should also collapse imo.
    they should've breen taxing their corporations and putting it away for a rainy day....god knows the corporations don't have many unions to deal with in Florida....so they should have plenty saved in their budgets to deal with hurricane damage. Texas has some unions...but they also give tax breaks to the rich and the businesses......and now they need $8 Billion in federal funds?
    Tax your businesses and pay your own way....just as you tell us and celebrate taking our jobs and then leaving us that we can't pay our budgets due to the theft of our jobs....and anti-union policy and tax breaks for business is what caused all this....and following every economic teaching of the corporations...such as free trade.
    Last edited by slavenomore; 09-10-2017 at 03:41 PM.
    Yankee likes this.

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    Default Re: Hartford Warns It Could File for Bankruptcy

    Hartford Downgraded Further Into Junk Status
    Moves by S&P and Moody’s cites increased likelihood of default as early as November

    The state of Connecticut has its own fiscal problems. State lawmakers failed to pass a budget before the start of the fiscal year in July to close a two-year budget hole of $3.5 billion. An executive order signed by Gov. Dannel Malloy, a Democrat, has funded state operations since then.
    While Democrats hold a narrow majority in the state Legislature, Republicans lawmakers won over enough off enough Democratic votes in early September to pass their own budget. Mr. Malloy has said he would veto that plan.

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    Default Re: Hartford Warns It Could File for Bankruptcy

    Hartford officials also asked the state legislature to create a new board to settle contract disputes with labor unions.
    In the end they will deal with the unions. This Democrat led city will put cuts on the unions. It will happen with little to no news coverage.

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    Default Re: Hartford Warns It Could File for Bankruptcy

    I think somebody forgot to mention Kentucky has some financial issues too.
    The Mercatus Center released its 2016 “State Fiscal Condition” Rankings Thursday and they showed Kentucky as one of the lowest five rated states in terms of fiscal condition.

    Kentucky also ranked poorly in five separate categories including cash solvency, budget solvency, long-run solvency, service-level solvency and trust fund solvency.

    Mercatus ranked Kentucky one of the top five worst states along with Illinois, New Jersey, Massachusetts and Connecticut.
    Since the 1950s, Kentucky has been reliably Republican.

    Mercatus Center ranks Kentucky as 46th worst state for fiscal condition, overall financial health - KyForward.com | KyForward.com
    ABFwife and Sayheykid like this.

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    Default Re: Hartford Warns It Could File for Bankruptcy

    Quote Originally Posted by fxstc07 View Post
    I think somebody forgot to mention Kentucky has some financial issues too.


    Since the 1950s, Kentucky has been reliably Republican.

    Mercatus Center ranks Kentucky as 46th worst state for fiscal condition, overall financial health - KyForward.com | KyForward.com

    Most of the country and the next economic fall will expose them all. Revenue will fall and game over.
    They create the chaos, the problems and the division. They lead through opposition.
    They will offer up a hero and their solutions and that is how you bring about change.

    What will you be giving up.

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    Default Re: Hartford Warns It Could File for Bankruptcy

    Quote Originally Posted by strapdrager View Post
    Most of the country and the next economic fall will expose them all. Revenue will fall and game over.
    They create the chaos, the problems and the division. They lead through opposition.
    They will offer up a hero and their solutions and that is how you bring about change.

    What will you be giving up.
    I give up every day by donating funds and time for many causes and groups.
    As for my life ... nothing will change.
    My life is moving in a charted course laid out for me by a higher power.
    Your negativity won't change a thing. Not in your life, or mine.

    Have a nice day.
    ABFwife likes this.

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    Default Re: Hartford Warns It Could File for Bankruptcy

    Its a democrat controlled area so no media coverage. No blame at the destroying the union workers. In fact in the end the Union officials will call it a success.


    Moody's Warns of 'Likely' Hartford Default, Decades of Deficits Ahead


    Moody’s Investor Service issued a dire warning to lenders Thursday: Hartford is likely to default on its debt by November and, if it doesn’t change course, will run up annual deficits exceeding $60 million through the next 20 years.


    On Sept. 26, Moody’s downgraded the city’s bond rating, reflecting the investor service’s belief that “in the likely event of a default,” bondholders may recover as little as 65 percent of their investment.
    “Revenues are not keeping up with the growth of these expenditures,” Moody’s warned, “and highlight the need for concessions from three primary stakeholders — bondholders, the state and labor unions — to achieve financial sustainability.”
    Moody’s report called Hartford’s unions “a constraint” to trimming the city’s deficit. “Contractual salary increases and employee benefits are significant contributors to the city's long term structural imbalance,” the report said. Unions would have to make “significant concessions” for Hartford to narrow those deficits, it said.

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    Default Re: Hartford Warns It Could File for Bankruptcy

    And Kansas is a republican controlled area, and media coverage is ... where ? Haven't heard a thing, but Kansas is in deep after the republican tax plan didn't work like they promised.
    In reality, if a politician tells you he will help you get more money in your pocket and provide jobs ... it's code for helping the wealthy get more.
    Trickle down economics and other republican fueled lies have repeatedly been shown not to work.
    But as the original post seems to imply, it's a democratic thing.
    No ... it's not.

    Gov. Brownback’s tax experiment brought havoc to the Kansas budget, and put the state’s general fund in severe financial distress.
    Kansas has endured years of structurally unbalanced budgets. Reserves have been decimated, the highway fund compromised, and debt levels dramatically increased. And with school funding costs moving up, basic state expenses will continue to exceed revenue.

    By undoing the Brownback tax policies, lawmakers took a huge first step toward recovery, but repairing all the damage will take time. Much more work remains ahead to nurse Kansas back to financial health.
    Let's not play this out as a democratic or republican issue.
    It's about all of the citizens being held hostage by the politicians that are controlled by the corporate world in their quest for more.

    Every state has issues from the politicians poor management of our tax revenue. If you state is in troble, vote them out.
    Bye Bye Christie ...
    Brownback ... see ya

    The Kansas Budget

    Maybe Kentuckians should think about their politicians.
    Kentucky continues to be a major sinkhole state without enough assets to cover its debt. Repeated decisions by state officials have left the commonwealth of Kentucky with a staggering debt burden of $48.9 billion, according to Truth in Accounting's (TIA) analysis of Kentucky’s most recent financial filings.
    https://patch.com/kentucky/louisvill...eceive-grade-f
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