Here’s a look at financial insolvency from government on a small, local level.
On this thin tax base, Central Falls faced an annual deficit of $5 million and unfunded pension obligations of $80 million. For a long time, its police and firefighters could retire on full pensions after only 20 years of service. So even though their monthly payouts were not princely, workers could start collecting them -- and free health coverage for life -- while in their 40s. Bankruptcy lets a city tear up union contracts and start over.
What happens to the union pensions? The article does not say.
I suspect they are terminated, leaving those retirees high and dry. Their fault for choosing to retire in their 50’s with a “guarantee” rather than spend more productive years working and saving for their old age.
My favorite Leftist is asking “why not just stop paying federal interest?”
This article may help formulate a response.
Tee hee hee. Screw them all!
Part of starting over ought to be making it a condition of city employment that one not belong to a union. Unions use their dues income to corrupt the political process.
Froma Harrop is an total idiot. There are dozens of factual misstatements and errors in that piece...but it’s not worth while to address them..
Corruption is what it all really boils down to. Look for one concentrated Democrat parasite nest after another to declare bankruptcy during the next several years. They will be falling like dominoes. As long as we can keep GOP legislatures in charge of the purse strings, those parasite nests can swirl happily down the toilet where they belong.
Otherwise, bend over and grab your ankles, because the Democrats will do whatever it takes to confiscate money from normal, working Americans in order to turn their bankrupt turds into floaters that just won't go down no matter how many times you flush.
Vallejo? A San Francisco suburb? ROFL! It’s 30 miles from San Francisco, on the Oakland side of the Bay, and it’s barely better than the Armpit of the Bay, Richmond, which is a bit closer to SF.