Pages

Tuesday, December 15, 2015

Doomsday: US Cities


Page 3

June 11, 2020: Chicago facing a "billion-dollar" deficit -- and mayor won't take an increase in property taxes off the table. 

September 21, 2019: small Illinois cities going "bankrupt," ZeroHedge But even more incredible: we mentioned this on the blog on August 1, 2010:
East St Louis, IL: Cops, firefighters furloughed; city defers $500,000 bond repayment. The money has run out.  [I remember how "bad" this city was in the 1980's; I can only imagine how much worse it's gotten.] August 1, 2010.
August 29, 2019: update, Wall Street Journal.

July 2, 2019: Chicago facing fiscal collapse due to pension crisis. ZeroHedge.

June 12, 2019: Stockton, CA -- a feel-good story in The Atlantic on how the $500/month program is working out.

February 15, 2019: Stockton, CA -- $500 debit cards to a "select group of 130 residents" start to go out today. $500 / month x 18 months x 130 residents = $1.2 million. See post here.
Stockton, once dubbed “America’s foreclosure capital,” was the largest city to seek bankruptcy protection before Detroit’s 2013 filing. During the recession, unemployment soared toward 20 percent, and violent crime rose. Today, one in four residents lives below the poverty line, according to the U.S. Census Bureau.

Read more here: https://www.sacbee.com/news/local/article226280230.html#storylink=cpy
December 15, 2018: Stockton, CA -- announces basic income pilot program -- $500/month for 100 families; will study how the money is spent.
It’s a deal that might appeal to any U.S. city struggling with a lot of debt. Hartford, Connecticut, won’t be on the hook for its $755 million in debt payments, helping it avoid bankruptcy.
Hartford officials approved a plan Monday night that authorizes Connecticut to pay off the city’s general-obligation debt, part of a lifeline the state extended to the capital city when it enacted its budget last year. While U.S. states have a history of stepping in to help distressed cities, it’s rare for a state to take on debt payments for a locality. [What's the capital city of Connecticut?]
March 28, 2018: even Bloomberg surprised by the bailout Hartford got.

January 27, 2018: all cities in Connecticut -- huge pension concerns.

November 1, 2017: Hartford, CT -- stage budget "removes" imminent threat of bankruptcy.

October 22, 2017: Hartford, CT -- tick, tick, tick

September 26, 2017: Hartford, CT -- downgraded again by two credit-rating firms. Increases odds that city will declare bankruptcy by November, 2017.

September 7, 2017: Hartford, CT -- ready to declare bankruptcy; 60 days

August 15, 2017: Atlantic City -- now under state control; could still face bankruptcy. 

August 15, 2017: Hartford, CT -- headline story in NYT
Hartford has looked to the state for help, only to find that financial situation is also in disarray. The state, which has a deficit of about $3.5 billion, started the fiscal year on July 1 without a budget after months of wrangling in the State Legislature and a resolution could be weeks away. In a symbolic blow, Aetna, the insurance giant that has been based in Hartford for over 150 years, announced in May that it would be moving its headquarters to New York City.
July 11, 2017: Hartford, CT, now junk. Illinois next?

July 7, 2017: Hartford, CT, hires firm to consider bankruptcy filing. Hartford has a deficit approaching $50 million and has asked the state for help managing its fiscal crisis. But the state has its own budget troubles and failed to pass a spending plan to close a two-year hole of $5.1 billion before the fiscal year ended on June 30.

June 11, 2017: update on Atlantic City. It's been one year since the state took control of Atlantic City.
One year after New Jersey Gov. Chris Christie moved to seize control of this cash-strapped coastal city, property taxes are down and municipal bankruptcy no longer poses an immediate threat. But some people still aren't happy.

June 6, 2017: Hartford, CT on the brink

June 3, 2017: Hartford, CT -- state considers a $50 million bailout to save Hartford from bankruptcy. 

May 20, 2017: Baltimore, MD -- as good a summary as any I've seen of the Obama legacy. $1.8 billion to Baltimore in stimulus. For every $1 million in stimulus, 1.5 jobs created. No typo: 1.5 jobs. In Baltimore, 1 in 10 residents are heroin addicts. It's a cultural thing, they say.

April 12, 2017: Hartford, CT -- $70 million for minor league ball park puts the city into dire straits

December 6, 2016: to some extent, one can argue that Chicago has "survived" due to its access to the White House. That ends January 20, 2017.


November 30, 2016: update on Opa-Locka, FL. Still teetering on bankruptcy?
David Chiverton, a popular Opa-locka manager who once promised to help rescue the city from insolvency, pleaded guilty in federal court on Monday to using his office to pocket thousands in cash bribes from local business owners in one of the largest corruption cases in South Florida in decades.
The 51-year-old administrator is among a cadre of Opa-locka government leaders who were caught shaking down businesses in exchange for permits and water connections during the FBI sting, which used informants who videotaped the illegal payoffs in parking lots, a restaurant and a bathroom in City Hall.
November 30, 2016: update on Atlantic City.
The deal isn’t so much like shuffling deck chairs on the Titanic as it is like moving those chairs from the Titanic to the Lusitania: It may imperil the long-term finances of both Atlantic City and the MUA, the city’s sole remaining profitable asset.
November 30, 2016: update on Harrisburg

August 2, 2016: apparently Atlantic City avoided defaulting on a $3.5 million loan, making scheduled payments on August 1, 2016, though it had still not received stopgap "bridge" money from the state as of this date. 

July 27, 2016: Atlantic City may default. July 27, 2016. 

Opa-Locka, Florida: governor declares financial emergency; probably fraud-related;

Atlantic City: could face default at early as this Sunday (in two days). A $1.8 million bond comes due that day. I assume the bondholders will know more ... Monday. -- April 29, 2016

Atlantic City: city government will shut down for three weeks; cash shortfall; the shutdown would start April 8 and likely last until at least May 2, when quarterly tax revenue is set to arrive. Police, fire and sanitation workers would continue to perform their jobs without pay but would be paid when the tax money comes in. -- March 22, 2016

Atlantic City: has been devastated by the quick collapse of its one-time monopoly on East Coast casino gambling and could see its cash flow run dry by April. -- January 27, 2016

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.