The Worst Cities Re Finances

https://www.truthinaccounting.org/news/detail/2020-financial-state-of-the-cities


Good morning all,

Per ...

The worst city is New York City.

Can a bake sale help ?

Does NYC and the other cities in financial distress fund their retirement pensions and retirement health programs ?

Not mentioned in article but NYC has regulations allowing for an expanded Medicaid. This expansion provides health care workers to make home visits and to cook for and bathe Medicaid recipients. The new regulations allow for relatives of Medicaid recipients to get paid for services provided to the recipient.

Note that the state provides part of the funds. Guess where the state gets the other part of the funds. The American public is funding this expanded program.

I am wondering if home visit health care workers have evacuation plans in place for their wards and the plans are practiced.

These workers are members of SEIU.

I'll now set up the table for the bake sale.

 

https://www.propublica.org/article/new-york-mta-paratransit-services


Good morning all,

Add above to reason New York City has problems.

These services are really jobs programs for the otherwise unemployable.

The American "liberal" system of "mainstreaming" has proven a failure.

It must be accepted that those with some disabilities cannot work in certain jobs. The solution is a better, more appropriate location with less transport involved.

 

I was told that many cities invest their retirement funds in something financial called "Derivatives."



Agree about the jobs programs......

It is so in many cities...with their social services..

These jobs become a method of self sustenance..matching Federal Funds.....by herding the public....but the public often comes in last to the jobs program.

The public is just never supposed to think this far.


It got so bad in some states years ago...that several children in these programs were lost...no one knew what had happened to these children.

The state had hired people not interested in the job or what the job required..but only the paycheck.
This got quickly swept from the public view..but I remember it....

Ishmaelites....


My non Ishmaelite .02,
Watcherchris

 

Good morning Watcherchris,

It's worse. Cities put some of their retirement funds in derivatives and in other pools to store the collected funds. Yet, they also "borrow" from these same pools of funds. This used to be called "embezzlement". This is why the big cities will never meet their pension obligations. I think Team Trump has a policy plank (non-public) to end the charade and close the programs if the funds are not actually present. Just my guess; can't prove it.

Yes, indeed, all these programs are jobs programs - well-paid jobs programs.

 

Wow....you are describing a ponzi scheme...sort of like fractional reserve banking where huge sums are borrowed against the principle or deposits...huge amounts.

Versus insurance programs were certain large coverage or reserves are required to be maintained.


Watcherchris
Not an Ishmaelite.

 

Good afternoon Watcherchris,

I guess it is correct to call it an Ponzi scheme.

Traditionally, stuff like pension funds were invested in what was called "Widows and Orphans stock" - very safe, blue-chip securities - not necessarily stock but safe, investment grade securities. Retirees were treated like those needing some assistance because of old age, injuries on the job, the ailments of aging.

The socialists took over. You know the rest.

 

Good afternoon Watcherchris,

I guess it is correct to call it an Ponzi scheme.

Traditionally, stuff like pension funds were invested in what was called "Widows and Orphans stock" - very safe, blue-chip securities - not necessarily stock but safe, investment grade securities. Retirees were treated like those needing some assistance because of old age, injuries on the job, the ailments of aging.

The socialists took over. You know the rest.

 

Good afternoon Watcherchris,

I guess it is correct to call it an Ponzi scheme.

Traditionally, stuff like pension funds were invested in what was called "Widows and Orphans stock" - very safe, blue-chip securities - not necessarily stock but safe, investment grade securities. Retirees were treated like those needing some assistance because of old age, injuries on the job, the ailments of aging.

The socialists took over. You know the rest.