13 Responses to San Bernardino, California, files for bankruptcy with over $1 billion in debts

  1. Emanni says:

    California voters approved on November 4, 2008, proposition 1A, or the Safe, Reliable High-Speed Passenger Train Bond Act for the 21st Century. A bullet train to travel 800 miles between Sacramento, San Francisco, San Jose, Fresno, Bakersfield, Palmdale, Los Angeles, Anaheim, Riverside, Irvine, and San Diego.

    When California voters approved the bond measure, the estimate for the total cost of the project was *$40 billion*

    2011, the California High-Speed Rail Authority issued a new cost estimate for the entire project, saying that it will cost Californians between **$98.5 billion and $118 billion**.

    The California State legislature has been out of control and out of touch for decades.
    Debt per California citizen = $10,367
    Sate of California Debt Clock

    http://www.usdebtclock.org/state-debt-clocks/state-of-california-debt-clock.html

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  2. mike b says:

    The sad thing about this is it wont wake people up they still think everything is fine

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  3. Lance says:

    Its funny how those who’re in postions of “public trust” cannot be trusted. Pension funds were supposed to be set aside to pay pensions, period. That money was not to be used for any other purpose. Funny how all this started after the “capitalists” began offering “investment plans” in order to gain access to pension money! Hows that working out? Its obvious!

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  4. Sam Beckett says:

    Huh, funny that those in power there are whining about how their city is broke, go home to multi-million $ homes, drive over $100k cars, & so on……cities going bankrupt..very bad. The huge amount of money they owe, they will not need to pay those they owe money to. They can not pay those companies, etc…for services rendered, which hurts those companies, they lose money, then are forced to pay less, fire people, etc…

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  5. alex says:

    Like this should surprise anyone california is just the start what states next or maybe our federal

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  6. orange blossom says:

    Who pays their bills? They are one of the richest cities in the country and I am outraged! They owe money to pension funds, health care, and unemployment insurance? If unemployment is as low there as they say, and we know tourism is higher than most then raising local taxes doesn’t seem like it would be a huge burden to many.

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  7. prayntongues says:

    State audits should be done on all cities to investigate “waste, fraud and abuse of public monies”, arrest the thieves, too many giving themselves huge pay increases, bonuses, and what not… OFF WITH THEIR HEADS!!

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  8. Marla says:

    Behind CA’s 60+ yr secret water scam. City and gov’t officials lying and altering records to cover evidence.
    “Marla Lee” on Facebook

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  9. Irene C says:

    Unfortunately, this is just the first domino to fall. I’m sure many more cities will follow suit. Those we vote into office, need to be held accountable – every day if necessary. They work for us.

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  10. Sam Beckett says:

    I live in California, in the central valley…Tulare County to be more specific. The economy here is so horrible….yet we pay a lot of taxes here…sales tax on everything except food from the grocery store. My county has the highest jobless rate in the country…California is going to the wolfs…& I live here…yeh!!!!……..sucks to be me

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    • wendyincalif says:

      I live here too (Tulare County). The lack of traffic is what is most notable to me. Empty parking lots, businesses with few customers. I have 3 empty houses across the street from me. In just under a few months, my home lost 10 grand in equity. I’d move but it takes money and I am worried I may end up somewhere even worse. Very sad situation. A well-dressed articulate man stopped and gave me a business card – “Handy Man” – said he’d do anything and if I was not pleased with the work, I did not have to pay him. Desperate describes how we all feel. It’s an exhausting state of mind.

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  11. Wes says:

    Yes they can just spend our money on things we don’t need and fill their pockets with vacations, gifts, etc. And no one will be going to jail. Now let the common American do the same thing with some one ‘s money and they can’t wait to put you in jail and throw the key away. Every one loses here but the people who were in charge of your tax dollar’s, I say why not double our taxes or triple them so all you low life’s can just spend,spend,spend. Sooner or later this has to stop I think one Country tried this some 200 plus years ago and they are not here any more.

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  12. Emanni says:

    Facebook Stock Crash Hoses California’s Tax Revenue

    http://www.businessinsider.com/facebook-stock-crash-hoses-californias-tax-revenue-2012-8

    the State of California, which apparently overestimated how much tax revenue it was going to collect from Facebook employees after the IPO. California is now saying its “tax revenue is at risk” because it assumed it would get $1.9 billion from newly enriched Facebook employees.

    But now those Facebook employees are only going to get about half as rich as they would have if the stock were still trading at the IPO price.And that means that California–and the Federal government–are likely to collect only about half as much Facebook-related tax revenue as they thought.

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