Three years later, the U.S. can go bankrupt?

& lt; a rel = "nofollow" target = _blank & gt; & lt; img alt = "-AdRiver-" border = 0 width = 160 height = 300 & gt; & lt ;/ a & gt; Over the next three years, hundreds of U.S. cities may be declared bankrupt. Their inability to pay bills and fulfill social obligations threatens to put the entire country on the brink of a sovereign default — most sectors of the economy will decline, and the U.S. will not be able to pay for its numerous debts. This is the conclusion reached by experts of the World Bank.

The process of impoverishment of the U.S. comes from below and to the federal statistics (apparently in order not to scare ordinary citizens) hits a few. Over the past years, Washington has delegated most social obligations to the states. And those of harm’s way, threw them to the municipalities. The same thing happens with troubled assets: the state government of their transfer to urban settlements. According to the experts of the World Bank, this is done in order to hide the huge deficit of the consolidated budget of the country, which on closer examination already has default settings.

As of August 1 for 12 U.S. cities have declared bankruptcy and ceased to serve its social obligations. And in a state of insolvency, or close to it — almost 350 small and medium-sized cities in the country and 113 municipalities large urban conglomerates, such as New York City.

In mid-July, a declaration recognizing the city of Detroit Mayor’s Office has filed bankruptcy. The decision on bankruptcy "automotive capital" of the U.S. capital will be made before the end of the year. At Detroit’s accumulated $ 18 billion of debt. Due to the growth of crime and corruption cases there closed a significant number of major productions. The city’s population over 60 years of age fell from 1.8 million to 700,000 people. Almost half of Detroit’s obligations related to the promise of high pension and health insurance for the employees of the state. Retired missing $ 3.5 billion to health care — $ 5.7 billion. U.S. states and cities tend to offer their employees pension plans with defined benefit plans based on the number of years of service and final salary. It is assumed that these costs will be covered by funds specifically deferred to those needs. According to the latest estimates, the total deficit of the pension fund in the country is $ 2.7 trillion, or 17% of GDP. However, according to its own estimates of the states, their pension promises financed by only 73%. A hole in the pension budget of Illinois reaches about 241% of the annual tax revenue the state: Connecticut — 190% in Kentucky — 141% in New Jersey — 137%.

According to New York Times, since the bankruptcy of Detroit has become irreversible, and other city and county of the United States, too, have ceased to command the confidence of investors. This is particularly affected Michigan, where the cost of borrowing in the municipal bond market has grown substantially. In Michigan, except Detroit bankruptcy can be considered more than 250 smaller communities.

WILD WEST

So far, the largest city-is bankrupt Stockton (he declared himself to be back in June of last year). Because of the downturn in the housing market and the city government debt accumulated over the past few years have cut more than $ 90 million in spending. Was reduced by half the police department. Streets flooded the homeless, black drug dealers and drunk teenagers. Just a year in a 300-thousand city was 56 homicides. For example, a 10-million New York for 2012 was 414 murders.

The second-largest U.S. city became bankrupt San Bernardino. Local officials 13 years to hide the true costs of falsifying documents. To file for bankruptcy, and the city had to Mammoth Lakes. His authority is not able to pay off a claim for $ 43 million, submitted by urban planner. Interestingly, all three cities are bankrupt in the richest state in the U.S. — California. The monetary noose tightened around his neck, even in Los Angeles. Its budget deficit of $ 238 million. The city has a huge unfunded pension liability and the annual budget of nearly $ 7 billion. City predicting default in 2014. The same thing is waiting and San Diego (California, too), the city for many years can not cope with pension problems.

According to experts, came close to default, and Rockland County, New York. After Moody’s has given him a negative outlook due to its budget deficit of 18 million dollars, the county began to cut hundreds of workers. Approximately 16.8 million dollars is not enough in the budget of Scranton, Pennsylvania. To reduce costs, there have cut about 400 state jobs. In Rhode Island can no longer pay the bills Providence, came close to bankruptcy Harrisburg.

The problem of the bankruptcy of a single city — it’s not just an automatic termination payment of financial obligations to its creditors of the municipality. Formally, the city continues to exist, but it is an order of magnitude less than the police and social workers and legal chaos begins. Most Americans fear the return of the laws of the Wild West.

That the U.S. does not expect the best of times already, "prosekli" our countrymen. In 2012, the U.S. returned to their homeland from 2102 Russian, which is almost three times more than the year before.

EXPERT OPINION

"They do not have to be sorry"

— U.S. sovereign default would be unlikely. And if it takes place, it is only in the interest of the Americans. As for the bankruptcy of a city — it is a tool for financial protection, which in the U.S. is very developed. We should not feel sorry for the Americans, their economy is booming. For the first time in recent years they have selected at the first place in China’s investment attractiveness — said vice-rector of the Russian Economic University. Plekhanov, a political analyst Sergei Markov. — A Russian in the U.S. still will gradually return to their homeland, as they see that our country is developing. But most of all compatriots now in flocks in Russia from the European Union, because unemployment there is growing rapidly.

 

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