Scranton, Pa. Mayor Slashes All Public Worker Wages to $7.25 per Hour, City Effectively Bankrupt

MISH'S Global Economic Trend Analysis ^ | 07/10/2012 | MIKE SHEDLOCK

[Jim from C-Town]

Don't forget Detroit which is basically in State Receivership.

I predict that dozens of cities will be filing bankruptcy in the next several months and hundreds if Obama gets reelected. Without a major change in the direction of the country, there will be no economic recovery. Without a huge economic turn around starting with an Obama defeat, very few cities will be able to meet their obligations and union contracts.

[I still care]

I know several liberals. They don’t seem to grasp reality. They are always convinced there IS more money, that entities are “rich as trolls”, and they don’t believe the money is gone.

If it really is, they think raising taxes is the answer. They never seem to get if you raise taxes, people find a way to stop producing or pass it on. If you do convince them that’s what happens, they get mad and their efforts are towards making sure those evil rich don’t “get away”.

How dare they not pay their “fair share”!

It’s sort of breathtaking, unbelievable, and terribly sad to see, but that’s the way libs think.

[Eccl 10:2]

Will Scranton be listed on Ebay soon?

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

Or maybe it will show up on "Pawn Stars".

"You never know what's going to come through that door."

"$40 billion ?!? How but 500 bucks, cash? Hundred dollar bills."

[dfwgator]

"In Philadelphia, it's worth 50 bucks."

[fatboy]

I know what you mean, my daughter is going to start next month at nearby Wilkes Univ. (Wikes-Barre PA). We live in Carbon County, a short drive for us but I share your concerns.

But look on the plus side, Scranton is the birth-place of “hardscrabble Joe” Biden and home of Sen. Bob Casey. Of course the big problem is that the city is so mis-managed that they really don’t want to get involved. It’s going to be fun to watch.

[bandleader]

Franklin Delano Roosevelt(The GOD of The Left)was TOTALLY against the unionization of the public sector.He knew it wouldn’t work!!!!!!!!!!!!!!!!!!!!!

[silverleaf]

As I read there are 20,000 property owners in Scranton and the average earning is $38,000

So the endless well of taxes that liberals and their judges seem to regard as at their disposal when they need more money- may be running dry

[silverleaf]

As I read there are 20,000 property owners in Scranton and the average earning is $38,000

So the endless well of taxes that liberals and their judges seem to regard as at their disposal when they need more money- may be running dry

[No Socialist]

Obama tells us that the private sector is doing fine. Those government workers can just go find better jobs in the private sector.

[PeterPrinciple]

while the council wants the city to borrow money. The Scranton Times-Tribune reported there’s no way for the city to take out a loan because it is unable to show it is capable of paying it back.

---

Council apparently cannot connect the dots. Maybe the council would lend their retirement money to the city?

[nerdwithagun]

There is a takeover/attempt of takeover of Detroit's finances by the Michigan state gov. While I can see why a lot of the locals are not happy about it, I think this article gives credence why this might have to happen from time to time.

[blueunicorn6]

The Democrats know how to fix this. The problem for them is that if they cut government workers, then they can’t be sure that those new private sector workers will give money to the Democrats.

[Lou L]

I hear Dunder-Mifflin is hiring...

[randita]

PA Ping!

If you want on/off the PA Ping List, please freepmail me. Thanks!

[bgill]

Sending out paychecks ever two weeks costs a lot. Paying once a month would cut out half the staff, cut postage and handling and supplies, and would leave the city's money in the bank to earn interest. Sure, it may not be much in the larger scheme of things but paying every two weeks is one of the wastes that should have been stopped long ago.

[bgill]

Wanna bet those cities also have a large illegal population and/or welfare population.

[tflabo]

Atlas-——errr Biden Shrugged.
Other peoples money just isn’t supposed to run out but be tapped into infinity.

[N. Theknow]

Hmmmmm?

OH! OH! Let me guess! Mayor Doherty is a Democrat.

Otherwise the article would have referred to him as Republican Mayor Doherty or at least had the (R) after his name each time he was mentioned in the article.

Am I right?

Yes! Yes! I'm right!

Well, that was easy.

[tflabo]

Well they should follow the lead of Kookifornia-—build a massive high speed rail from Pittsburgh to Philly and include Scranton on the line.
Yeh, that’s the ticket.

[OriginalChristian]

Where did you get all this great information? Please cite a source or sources, or did you piece it together yourself from various sources? Quite frankly, I’m surprised St. Louis or Kansas City, MO aren’t listed. Thanks for posting...