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State Budgets: Day of Reckoning

December 19, 2010 4:59 PM

Steve Kroft reports on the precarious financial conditions many states are facing and what they're doing about it.

State Budgets: The Day of Reckoning

60 Minutes OverTimeThe Next Financial Meltdown

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by BC_Songsmith December 30, 2012 3:13 AM EST
What about the 2.3 trillion US Secretary of Defense Donald Rumsfeld reported missing from the Pentagon's coffers one day before the 9/11 attacks on September 10, 2001?

"'According to some estimates we cannot track $2.3 trillion in transactions, Rumsfeld admitted. $2.3 trillion... that's $8,000 for every man, woman and child in America." - CBS, 1/29/02

It's apparent some at CBS either have a short memory or a very selective one. And I don't hear the fat man complaining about the billions being squandered on the phoney war on terror or the corrupt banking cartels. Can you say "lickspittle"?

https://www.youtube.com/watch?v=R3c-aN6Y7OU
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by nofway October 24, 2011 3:40 PM EDT
Was this story updated this summer? The defaults predicted never came. I am surprised CBS still has this up here since it was proven to be so incorrect. There was more press on Camping.....
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by jacval60 May 29, 2011 3:07 PM EDT
I know a way the American people can get our governments back on track, but no one will listen to me. But we need someone we can trust I told the people about it a long time ago but no one would listen to me. It would be the American people that can pull us out. And if we did this all Nations will look different on us.
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by cosmicfunk February 15, 2011 7:15 PM EST
If state and local truly broke, why does the CAFR, Comprehensive Annual Financial Report for 2009 and recent 2010, show the government investments worth billions? More importantly why is this not reported on or explained to the public. I'm trying to learn more about CAFR and these investments and see if the below is true.

" Gov Shake Down "GROSS" INCOME of government is now 1/3rd "TAX" income and 2/3rds NON-TAX income derived from: return on INVESTMENTS and money generated from government Enterprise projects.

Any Company or in fact Country can be "made" or "broken" through the use of those government investment funds. China and India in 2007 restricted new US "Government" investments, now several trillion dollars strong in China and India so that US Government investments would not further increase control (take-over) in their own markets.

If US Government cashed in just 20% of their International investment chips (held outside of the dollar), in conversion back to the dollar, the dollar would shoot through the roof, with the dollar index jumping from 70 from its low to over 94 in the snap of a finger."
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by Richardhg January 26, 2011 5:05 PM EST
You are all missing the point. This only covers the State budgets. Look at your County and City budgets, and realize that the lights are going out all the way down. Don't you get it yet? This is the end of empire, and I salute you, America, for the great things you did in the first half of the 20th Century. They will live in history.
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by go2jamesday January 11, 2011 9:00 AM EST
No Chicken Little the sky is NOT falling. State will NOT default on their municipal bonds because they would have nowhere else to go to borrow money and all things states provide for its people (roads, bridges, tunnels,mass transit, prisons, courts, schools, hospitals, water and sewer systems, etc.) are funded by municipal bonds. Meridith is trying to bring on a crash to the bond market for her own personal gain. She has bet heavily against the bind market and needs it to collapse in order to not go broke herself. 60 minutes has been duped by a smart wall streeter who has a personal agenda of her own.
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by ZorotheWonderGod January 8, 2011 7:12 PM EST
I found this report very misleading for several reasons.
First, you failed to consult more critical voices on the matter: http://www.truth-out.org/attacking-public-employees-will-new-york-lead66624
Second you forgot about the huge trillions of dollar financial bailout and the trillions wasted on the war machine, i.e. maybe states are engaged in essential functions and borrowed because
the federal government did not properly support the states!!!!

TRILLIONS WASTED ON WALL STREET AND WARS!!
Read Joseph Stiglitz, Read Eisenhower's speech that Andy Rooney told us made sense!!!

Disarmament and Financial Regulation and by the way START MAKING STUFF, SO YOU HAVE INCOMES TO TAX!!!! DO NOT BUY EVERYTHING FROM CHINA!
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by AstroPinion December 29, 2010 11:27 AM EST
Hello, According to Professor Myron Hulen from CSU's College of Business, the average monthly Colorado PERA retirement benefit is $2,772. I should add that each retiree bears the bulk of health care premiums. From "Bad news for [Colorado] PERA" http://www.denverpost.com/opinion/ci_14749919 Respectfully, Astro P.S. There is also an interactive discussion from the folks at SavePERACOLA: http://saveperacola.com
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by sheik4me December 29, 2010 10:21 AM EST
I would like to know if a Senator or Congressman loses their seat in an election do they still keep their benefits, pension/healthcare. They are freezing the pay of government workers are they freezing or cutting theirs as well.
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by wtfteo December 28, 2010 3:07 PM EST
It is so amazing how our lawmakers can give such heartfelt, adamant, deep belief speeches against public pensions and public healthcare while they are totally willing to get a pension for sometimes 4 years work. They have no intention of giving up the best healthcare available provided by the public. Attention Lawmakers: YOU FIRST!!!!!!!!!!!!!
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