Dear America,
We currently have four count them 4 states of the Republic that will be going bankrupt soon if not already. These four state's of The United States of America make up 25% of the total population of the United States and another 25% of America's GDP which stands for (Gross Domestic Product). That isn't it The IMF or (International Monetary Fund) has pretty much has concluded that the United States Of America in it's total is Bankrupt!
Folk's trouble is on it's way. I don't mean to alarm anyone but the fact's are the facts. I don't know about you but I can actually feel it in my gut. The government isn't going to tell you the truth because it would cause wide panic across the country. One can almost guess which four states we are talking about.
First one which has been on the radar for a long time is you guessed it California. On July 29, 2010 just weeks ago Arnold Schwarzenegger the Governor of California stated that California was in a fiscal state of emergency. That forced state lawmakers to accept a state budget. In 2009 they paid thier bills with IOU'S which should have tipped us off then and they are going to do it all over again because there is no law that let's states file for bankrupcy. But I would like to add states can succeed. California's deficit is 19 Billion Dollars! Why not spend some more LOL WHAT DO YA SAY BERRY@$!!!!!!!!!!!!? I mean Barrack!
A ship can only take so many holes before it sinks. Just ask those who where on board the Titanic! What about The Unsinkable Molly Brown. I know she could tell ya. Molly made it The Titanic didn't! All joking aside. Times are getting serious and we need to wake up and take notice and take charge of what is going on. Obama is not going to save you and if you believe that I feel very sorry for you. Enough ranting on to state number 2.
The second state that is about or is already broke is: drum roll please ...........................................
ILLINOIS all caps because I have always hated the spelling of this state because of the capital I and small ll's together make it look funny but that's just me!
Anyway, Illinois (You see what I mean on the spelling) is more then 4 billion dollars in debt to the public school system. We have in Illinois about another 4 billion dollars might as well be coconuts that they owe the folks that are dutifully waiting for their pension checks in the mail. I wonder how well an IOU will be recieved by the morg when they die of a heart attack because of the IOU pension check they recieved in the mail. Oh I forgot Berry will have them brought back from the dead because of Obamacare! Remember America is the land of the Free, The Proud and the ones who cannot fail because our nanny state will lift us up before the ruins happen.
State number three that is too big too fail but will be or is already bankrupt is New York. Can you believe New York our early 1900's immigration capital of the world has no money to pay it's bills? By September of 2010 just around the corner New York will be broke. It sounds like the New York senators tried to have an emergency session to get the 3rd largest states budget in order but nine of the senators thought their vactions where more important so Governor David Paterson had to stop the session. Maybe these nine senators would like a permenant vaction from the senate!
And last but not least is the beautiful state of Michigan. The automobile capital of the world is waiting for $560 Million from the Fed to help bail that state out. I thought Cash for Clunkers and Government Motors oh I mean GM where going to solve all of our problems. Where's plan B Mr. President? These are trully interesting times we live in.
The original posting of this letter can be found at my website: http://trutimes.com/articles/financial-education/open-letter-america-wake
