Tag Archives: Bankrupt

Marco Rubio delivers the Republican weekly radio address

I waited to post this until I found the transcript.

Transcript:

“Hi, I’m Marco Rubio.

“With Election Day now behind us, it’s an honor to talk to you about the opportunity before us – an opportunity to put America back on track.

“For too long, Washington has taken our country in the wrong direction: bigger government, reckless spending, and run away debt. And though I’m a proud Republican, here’s the truth, both parties have been to blame.

“This election the American people said enough is enough. That message was loud and clear. We Republicans would be mistaken if we misread these results as simply an embrace of the Republican party. This Election is a second chance. A second chance for Republicans to be what we said we were going to be.

“America is the single greatest nation on earth, a place without equal in the history of all mankind. A place built on free enterprise, where the employee can become the employer. Where small businesses are started every day in a spare bedroom and where someone like me, the son of a bartender and a maid, can become a United States Senator.

“I know about the unique exceptionalism of our country. Not because I read about it in a book, I’ve seen it through my own eyes. You see, I was raised in a community of exiles, by people who lost their country, people who once had dreams like we do today, but had to come to a foreign shore to find them.

“For some their dreams were answered here in America, but many others found a new dream. To leave their children with the kinds of opportunities they themselves never had. And that is what we must do as a nation. To fulfill our sacred obligation to leave the next generation of Americans a better America than the one we inherited. And that is what this election was about.

“In the past two years, Republicans listened to the American people and what they said is that it was time for a course correction.

“The past two years provided a frightening glimpse at what could become of our great nation if we continue down the current path: wasteful spending, a growing debt and a government reaching ever further into our lives, even into our health care decisions.

“It is nothing short of a path to ruin, a path that threatens to diminish us as a nation and a people. One that makes America not exceptional, not unique, but more like the rest of the world.

“As Republicans, here is what our commitment should be to you. Our focus must not be simply winning elections. It must be to ensure the next generation inherits a strong, free and prosperous America.

“We will govern as public servants who understand that re-election is simply a byproduct of good public service and good ideas. And most importantly, we will stand up and offer an alternative to the policies coming out of Washington for the past two years.

“The challenges are too great, too generational in scope for us to be merely opponents of bad policies. Instead, we will put forward bold ideas and have the courage to fight for them. This means preventing a massive tax increase scheduled to hit every American taxpayer at the end of the year. It means repealing and replacing the disastrous health care bill. It means simplifying our tax code, and tackling a debt that is pushing us to the brink of our own Greece-like day of reckoning.

“For many of us coming to Washington for the first time and others returning to serve, it’s a long way from home. A long way from the people whose eyes we looked into at town halls, at diners or roundtables, and promised that this time it would be different. That if you elected Republicans to office again, we would not squander the chance you gave us, and we must not. Because nothing less than the identity of our country and what kind of future we will leave our children is at stake.

“That is our commitment and from you we ask this: hold us accountable to the ideas and principles we campaigned on.

“This is our second chance to get this right.
To make the right decisions and the tough calls and to leave our children what they deserve – the freest and most exceptional society in all of human history.

“Thank you for listening, God bless you and your family, and may God continue to bless the United States of America.”

I got this from Gateway Pundit.

 

U.S. cities face half a trillion dollars in public pension deficits

Story from CNBC. (H/T ECM)

Excerpt:

Big US cities could be squeezed by unfunded public pensions as they and counties face a $574 billion funding gap, a study to be released on Tuesday shows.

The gap at the municipal level would be in addition to $3,000 billion in unfunded liabilities already estimated for state-run pensions, according to research from the Kellogg School of Management at Northwestern University and the University of Rochester.

“What is yet to be seen is how this burden will be distributed between state and local governments and whether the federal government will be called upon for bail-outs,” said Joshua Rauh of the Kellogg School.

The financial demands of unfunded pension promises come as state and local governments grapple with years of falling tax revenue related to the recession.

The combination has raised concern that defaults, which are historically rare in the $2,800 billion municipal bond market where local governments obtain money, could now rise.

“The bondholders would be competing with the pension beneficiaries for scarce government resources,” Mr Rauh said.

Current pension assets for plans sponsored by Philadelphia can only pay for promised benefits through 2015, while Boston and Chicago would deplete their existing funds by 2019.

Cincinnati, Jacksonville, Florida and St Paul have current pension assets that can only pay for promised benefits through 2020.

Local governments use unique accounting methods that many, such as Mr Rauh, believe understate obligations. Based on his estimates, which use US Treasuries as the benchmark, each household already owes an average of $14,165 to current and former municipal public employees in the 50 cities and counties studied.

“Philadelphia has the most immediate cause for concern, as the city can pay existing promises with existing assets only through 2015,” Mr Rauh said, assuming an 8 percent annualized return, the most common benchmark for municipal plans.

In New York City, San Francisco and Boston the total is more than $30,000 a household and, in Chicago, it tops $40,000.

Taxpayers in these areas risk not only local tax increases and service cuts to pay for benefits, but potentially some of the bill for the $3,000 billion unfunded obligations at the state level, the researchers say.

Notice how all the worst offenders are Democrat strongholds. They don’t know how to manage their finances!

Video shows how the increasing national debt hurts children

A new video from Republican Whip Eric Cantor. (14 minutes)

If you have kids, you need to understand what a massive national debt means to your kids. It means they’re going to be very, very poor.’

Here’s another video that ECM sent me. (3 minutes)

Remember in November, especially if you have children.

Related links around the web