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Bankrupting America

This tag is associated with 17 posts

Municipal Credit Ratings Sustain Super-Downgrades

This post was originally published on the Public Notice: Bankrupting America Blog. Surprise, confusion and frustration pervade reactions to nearly 200 super-downgrades of municipal credit ratings that occurred over the past year. The Wall Street Journal details reactions by city officials who witnessed ratings drop, and in the 196 cases of super-downgrades, by more than three notches. … Continue reading

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USPS Looks to Slow Service, Save Billions

This post was originally published on the Public Notice: Bankrupting America Blog. In an era when tweets announce an earthquake faster than its tremors, the US Postal Service might buck the speed trend to save $1.5 billion. As reported by The Washington Post, allowing one additional day for First-Class and Priority Mail deliveries would reduce costs associated with the premium … Continue reading

Will States Face a Downgrade Too?

This post was originally published on the Public Notice: Bankrupting America Blog. Standard & Poor’s recent downgrade of the United States’ credit rating leaves 13 states with higher ratings than the federal government. As reported by USA Today, S&P has yet to announce plans to downgrade the ratings of states and municipalities, but the effect may be felt … Continue reading

Failure to Dispose of Nuclear Waste Costs Billions

This post was originally published on the Public Notice: Bankrupting America Blog. Nuclear waste, like the leftovers in your refrigerator, should be disposed of before its storage overflows. But unlike your leftovers, not disposing of nuclear waste properly has proved to be quite expensive. Washington has defaulted on its promise to transfer waste to repositories, … Continue reading

States Brace for Cuts in Federal Aid

This post was originally published on the Public Notice: Bankrupting America Blog. With uncertainty surrounding spending cuts in the debt ceiling deal, lawmakers in states and municipalities are bracing for potentially weaker streams of federal cash. And the amount at stake is sizable, with states set to receive $586 billion from the federal government this year, and … Continue reading

$228K on Flights for VA Gov. Wednesday Waste?

This post was originally published on the Public Notice: Bankrupting America Blog. Marshalling a NASCAR race and flying to an Apple Festival provide “essential services” to the citizens of Virginia, at least according to Gov. Robert McDonnell’s recent use of state planes. As reported by The Washington Post, Gov. McDonnell traveled 140 days during his first 17 months … Continue reading

Debt Ceiling Uncertainty Hits State Budgets

This post was originally published on the Public Notice: Bankrupting America Blog. Fruitless debt ceiling negotiations have left state governments and citizens searching for certainty in the face of a possible federal default and credit downgrade. As reported by USA Today, a downgrade would leave states, as well as “7,000 cities, counties, universities, and non-profits” facing steeper borrowing costs from … Continue reading

Federal Government Not Alone, 5 States Warned of Downgrade

This post was originally published on the Public Notice: Bankrupting America Blog. Though Minnesotans are finally with a budget, the days of their pristine credit rating by Moody’s are long gone, as the state has been AA-1 since 2003. Only 15 states can claim AAA, the highest rating, but the debt ceiling poses a threat to their … Continue reading

Millions for Never-Used Ships. Wednesday Waste?

This post was originally published on the Public Notice: Bankrupting America Blog. A seemingly never ending saga involving broken contracts and hundreds of millions of dollars will come to a close as two former Navy oil tankers are transferred from James River, VA to their final resting place: a recycling facility in Texas. As reported by The Virginian-Pilot, … Continue reading

Government Shutdown Dries Up Minnesota

This post was originally published on the Public Notice: Bankrupting America Blog. In a victory for teetotalers, prohibitionists, and defenders of the defunct 18th Amendment, alcohol sales will be sharply curbed in Minnesota as a result of the state’s government shutdown. But the coming drought may be avoided, if the Republican-held legislature accepts Gov. Mark Dayton’s … Continue reading