Meredith Whitney warned Americans about 30 months ago on 60 Minutes that Americans cities would go broke. Finally Stockton, California is ready to file for bankruptcy. Other cities may follow.
You work for the city for one month and you get health insurance coverage the rest of your life.
Firefighters can retire with full benefits at 50.
Assuming those are true, WTF. Is that common for other large cities or is this one just an exception? There's no way those are sustainable benefits anywhere.
California State isn't far behind. It's going to be interesting when citizens vote not to raise taxes.
CA constitution allows a fairly small minority in the assembly to block any tax increases, so even when the majority vote to raise taxes it won't happen.
OTOH, awesome weather, weed, and chicks in bikinis!
CA constitution allows a fairly small minority in the assembly to block any tax increases, so even when the majority vote to raise taxes it won't happen.
OTOH, awesome weather, weed, and chicks in bikinis!
There is going to be a ballot initiative on whether or not to raise taxes.
Stockton is also known to be near metro Las Vegas in # of houses gone to bankruptcy foreclosure in this century.
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chicks in bikinis!
not in Stockton or Vallejo, trust me.
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weed
From what my sister tells me [she lives in Indio, we all grew up
in the bay area], Cali is very close 2 legalization... they're needin the money that bad.
hi i don't know much. Can someone explain what a city filing for bankruptcy means? like what would the effects be and what would change?
It's just a "reorganization" bankruptcy, that lets them void contracts etc (much as the airlines do every few years). They don't end up with city hall getting boarded up by the sheriff.
Cleveland declared bankruptcy back in the day when Kucinich was mayor, and Orange County did a while back just because they'd badly mismanaged their finances.
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