This is getting scarier and scarier. City after city going bankrupt. Not saying who’s right or wrong. Just saying it’s scary.
bump.
There is a simple solution, you know. Spend more—like our very own Fed. Gov’t.
Stossel had some poor guy on his show who had worked for the fire department of Prichard (sp?), Alabama for 32 years. The city declared bankruptcy and stopped sending out pension checks. This 66-year-old man had to take a full-time job as a security guard at a mall for income and health insurance. The city promised these benefits to workers but never had a plan to pay for them.
Meanwhile, the mayor of this town has a nice salary, as do all the bureaucrats working at their housing agencies, etc.
Politicians promise more than they can deliver, and it is always the little people who pay. I’m sure the union bosses who negotiated these pension plans are doing fine, too.
Why are they going bankrupt? Unions!!!!!
So, way down at the end of the article, we get a clue as to what the problem is. There is simply no excuse for government workers -- federal, state, or local -- to be permitted union representation.
As far as scaring investors away from Rhode Island's other municipalities, that wouldn't seem to be the problem of Central Falls.
Now the fighting begins for the Democrats. Who’s got the juice to keep the stolen money flowing to them?