What is the probablity that your State Bankrupts?

[kyounge1956]

(snip) I also would like to say that in Seattle in particular, the library system has been on a huge building jag that in my opinion was largely unnecessary. The downtown monstrosity is truly a monument to hubris and stupidity. I detest even walking by the building, let alone going into it.

In the interest of fairness, I feel I should point out that the library construction was paid for by a 1998 bond issue that passed with a 70% vote. The main library needed to be replaced, but like you, I don't think much of the design of the new building, except that I rather like the idea of putting the stacks on a continuous spiral. ISTM the architect was being weird for the sake of weirdness, and IMO the building seems unlikely to hold up well either artistically or otherwise. The big main revolving door has already had to be replaced (with a regular door) and the building isn't 10 years old yet.

I don't avoid going into it—since I work downtown it's the most convenient branch for picking up a book after work—but I'll confess there is an escalator inside the building that I do avoid, due to a really repellent artwork alongside it. At the time "Libraries for All" was up for vote, there were some interesting ideas being floated, like putting the main library in the Frederick & Nelson building (they had recently gone out of business) or in the old railroad station at 4th & Jackson. It's too bad the original main library doesn't survive. It looks like you'd get smarter just walking into the place.

 

[youbet]

Illinois is one extreme; all tax increases and no spending cuts.

DW is a retired public school teacher in Illinois and still a member of her union. On the day after the state legislature passed the tax increase, she received an email from the union where they claimed they'd soon be harvesting a "fair share" of the new revenue for their members as wage increases, benefit increases, etc.

One day they're going to kill the goose that laid the golden egg...........

 

[scrabbler1]

As a New York State resident, I am not going to weep much for Illinois residents who will be paying 5% (the top rate, I assume, although I don't know at what income level it kicks in at). Here in NYS, the 5% income tax rate kicks in for single filers at $11,000 with a 6.85% rate kicking in at $20k and even higher rates at incomes into 6-figures (although they may be getting sunsetted this year).

New York City had a non-resident income tax, called the "Commuter Tax" which got repealed in 1999. It was 0.45%. The repeal applied to NYS residents who did not live in NYC but I am not sure what happened to out-of-state residents such as those who live in New Jersey or CT. There have been proposals to reinstate the Commuter Tax but the NYS legislature lacks the votes to pass it.

 

[haha]

It's too bad the original main library doesn't survive. It looks like you'd get smarter just walking into the place.

I agree, I loved that building.

But here is my all time favorite library- Los Angeles, downtown branch. I would drive all the way in here from the beach to get into their great stacks, and just to experience the building.

Facade of the Central Branch of the Los Angeles Public Library, Los Angeles

Ha

 

[kyounge1956]

I agree, I loved that building.

Alack, it was already gone by the time I moved to Seattle in 1982. But even if I had lived here all my life I wouldn't remember it. As I discovered when looking in the archives for the photos, it was torn down when I was barely able to walk.

But here is my all time favorite library- Los Angeles, downtown branch. I would drive all the way in here from the beach to get into their great stacks, and just to experience the building.

Facade of the Central Branch of the Los Angeles Public Library, Los Angeles

Ha

Yummy! Oh well, at least some of the original branches still survive. I would guess the old Carnegie libraries like Green Lake and Douglass-Truth are on the historic register, so tearing them down was not an option, and I'm glad of it.

 

[52andout]

more on state bankruptcy

there was a recent thread on state bankruptcy and over the weekend I heard some talk of it on the news shows.

http://www.nytimes.com/2011/01/21/business/economy/21bankruptcy.html

this is from the NY times talking about it. "Bankruptcy could permit a state to alter its contractual promises to retirees, which are often protected by state constitutions, and it could provide an alternative to a no-strings bailout. Along with retirees, however, investors in a state’s bonds could suffer, possibly ending up at the back of the line as unsecured creditors."

I thought this would be of keen interest to the many here who have state pensions.

 

[LARS]

No question it is going to get very ugly at some point on the state and local pension front. Most likely will be resolved through a combination of layoffs, increased taxes and increased contributions/diminution of pensions.

Knowing politicians (which are beholden in most cases to the public unions) they will put off the inevitable as long as possible. But one of these days it will have to happen.

 

[Gone4Good]

It seems like a legal framework to restructure state finances is something we should have as a matter of course. The timing may not be ideal, but why doesn't this already exist?

Having said that, I don't think any state is at risk for bankruptcy. There is no state that is even close to maxing out its potential revenue streams AND bumping up against constitutionally mandated spending constraints. Bankruptcy at this stage in the game would be a political choice, not a financial imperative.

 

[RonBoyd]

there was a recent thread on state bankruptcy ...

http://www.early-retirement.org/for...obablity-that-your-state-bankrupts-48933.html

Specifically, here:

http://www.early-retirement.org/for...ablity-that-your-state-bankrupts-48933-3.html

 

[freebird5825]

As a New York State resident, I am not going to weep much for Illinois residents who will be paying 5% (the top rate, I assume, although I don't know at what income level it kicks in at). Here in NYS, the 5% income tax rate kicks in for single filers at $11,000 with a 6.85% rate kicking in at $20k and even higher rates at incomes into 6-figures (although they may be getting sunsetted this year).

New York City had a non-resident income tax, called the "Commuter Tax" which got repealed in 1999. It was 0.45%. The repeal applied to NYS residents who did not live in NYC but I am not sure what happened to out-of-state residents such as those who live in New Jersey or CT. There have been proposals to reinstate the Commuter Tax but the NYS legislature lacks the votes to pass it.

There's a new kid in town....everybody's talkin (a la the Eagles song)

Let's see how he does. He was the Attorney General, so he knows the law much better than the NYS legislative [-]cronies[/-] members.

 

[Gumby]

http://www.early-retirement.org/for...obablity-that-your-state-bankrupts-48933.html

Specifically, here:

http://www.early-retirement.org/for...ablity-that-your-state-bankrupts-48933-3.html

I merged the two threads.