Exactly.
Its also foolish to declare that other cities wont go bankrupt. Other cities are already seeking and getting bailouts through other means. Chicago is already dumping their union health care costs in to Obamacare so we the taxpayer can pick up the tab. Gary Indiana is seeking state police help to police their city so the taxpayers of Indiana can pick up that tab.
“Its also foolish to declare that other cities wont go bankrupt.”
That is actually not true at all! Vallejo, CA has already gone bankrupt once and will ultimately go bankrupt again because the bankruptcy failed to resolve the financial problems satisfactorily. Then there’s Stockton, CA and San Bernardino, CA. And these are only here in CA today. Los Angeles will ultimately go down, and most probably Oakland and maybe SF. Fed bailouts won’t work because the default numbers are astronomical. Everyone is going to take a haircut, including the PE unions because they ARE the problem, not these cities vendors!