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Stockton on verge of declaring bankruptcy
San Francisco Chronicle ^ | 3/4/12 | Wyatt Buchanan, Chronicle Sacramento Bureau

Posted on 03/04/2012 12:27:38 PM PST by SmithL

Black-and-white photos of Stockton in its heyday - of handsome buildings and bustling streets - flash on the flat-screen television at Henry's Miracle Mile Hair Styling in the city's historic shopping district.

Customers also get a sobering dose of color images showing empty, boarded up stores and restaurants that left downtown long ago.

Stockton is on the verge of becoming the largest city in the United States to declare bankruptcy, and on a recent weekday the talk inside the old school barber shop centered on the financial havoc at City Hall that threatens the often derided city of nearly 300,000 residents.

Stockton native and barber Terrance Fields said the city's decline is evident not only in the pictures, but also just outside on the street.

"We haven't seen the meter maid in two weeks," Fields said as another barber trimmed hair on a silver-headed customer.

Cars parked out front sit all day, taking spots that could be used by customers, and no city workers patrol and ticket the vehicles, he said.

But that's a relatively minor problem for Stockton. A combination of bad financial practices, bad decisions and bad luck has pushed the city into a hole so deep, bankruptcy may be the only way out. Last week, the City Council voted to begin an unprecedented restructuring of its mounting debt.

(Excerpt) Read more at sfgate.com ...


TOPICS: Extended News; Government; Politics/Elections; US: California
KEYWORDS: bankruptcy; goldenstate; publicpensions; stockton; taxandspend; unionthugs; yourtaxdollarsatwork

1 posted on 03/04/2012 12:27:48 PM PST by SmithL
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What alarmed Deis was the depth of the city's huge unfunded guarantee for health care for retired city employees, caused in part by a very generous policy that promises city workers lifetime coverage for themselves and a spouse after just one month of employment. Union leaders say the benefits are not excessive.
There is no such thing as excessive benefits to a public service union.
2 posted on 03/04/2012 12:29:21 PM PST by SmithL (If you reward certain behavior, don't be surprised when you see more of that behavior)
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To: SmithL

Wait, wait; don’t tell me! 100% Dem government??


3 posted on 03/04/2012 12:42:49 PM PST by pabianice (")
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To: SmithL

Lunacy.


4 posted on 03/04/2012 12:46:15 PM PST by 4Liberty (88% of Americans are NON-UNION. We value honest, peaceful Free trade-NOT protectionist CARTELS)
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To: SmithL; SF_Redux; lightman

“...after just one month of employment.”

You. Have. Got. To. Be. Kidding. Me.


5 posted on 03/04/2012 12:49:45 PM PST by Carriage Hill
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To: SmithL

What is it they say: All trends begin in California?!


6 posted on 03/04/2012 1:07:28 PM PST by parisa
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To: SmithL

lifetime medical care guaranteed after 1 month of employment? Oh, they dug this hole themselves. Let them crawl out of it. What freaking BS and they wonder why they’re in trouble.


7 posted on 03/04/2012 1:09:23 PM PST by Ancient Drive (DRINK COFFEE! - Do Stupid Things Faster with More Energy!)
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To: SmithL

I knew this would happen when Nick Barkley died.!!


8 posted on 03/04/2012 1:09:28 PM PST by WKB (Anything Obama: "What a revoltin' development this is")
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To: SmithL
Union leaders say the benefits are not excessive.

...and these are the same people calling everyone else greedy. (shaking head)

9 posted on 03/04/2012 1:12:03 PM PST by BookmanTheJanitor
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To: SmithL

This what happens when a democrat is put in charge of paradise......soon thereafter one gets Hell!!!


10 posted on 03/04/2012 1:15:33 PM PST by ontap
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To: SmithL

11 posted on 03/04/2012 1:52:17 PM PST by 4Liberty (88% of Americans are NON-UNION. We value honest, peaceful Free trade-NOT protectionist CARTELS)
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To: Ancient Drive

I should have worked for them for a month instead of doing 21 years in the Army for “Free Health Care for Life”.


12 posted on 03/04/2012 2:30:03 PM PST by PeteB570 ( Islam is the sea in which the Terrorist Shark swims. The deeper the sea the larger the shark.)
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To: SmithL

There´s a Delta breeze because Stockton sucks.


13 posted on 03/04/2012 2:30:26 PM PST by kik5150
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