Calif. city Stockton heading to bankruptcy court. This is what happens when you spend other people’s money and those other people leave. You then have no one left except the takers. Take note Jerry Brown.
This post was last modified on November 9, 2021
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These are the fruits of one party rule on city and state levels. One by one, California's cities are falling into the economic abyss, if enough of them fail, they'll evenually drag the state down with them.
It's simple arithmetic: Democrat party control + reckless spending + greedy public employee unions + increased taxation + low information voters = bankruptcy. Works every time.
In Stockton not only are they liberals, they are not mentally balanced...watch their meetings sometime, the new Mayor, Anthony Silva, is claiming some one broke into his office to "steal" his new tax and spend plan( Funny when the guy was investigated for video taping young children in his bathroom he never denied knowing about cameras..perhaps he should have used his bathroom cam at the office)...The City manager is slightly less likable than Hitler, the Public Information Officer Connie Cochran would make the Nazi propaganda machine like like amateurs....And they will never get it, until you get rid of the underlying problems like criminals being dumped in Stockton by the department of corrections, unemployment, illegals using up all the county services, and no punishment for criminals, it will always be the same, a large cesspool, where the city leaders think it's a swimming pool and want to charge admission. The only city i Know where city hall got foreclosed on by a bank....
For all my Left Coast friends, saw this with my morning (_)3
http://news.yahoo.com/blogs/lookout/private-sector-salary-public-employee-211843471.html
And hey NSS, if you had 5 bucks for every time you heard "2 or 3 beers" or "I had a glass of wine with dinner", you wouldn't have to worry about a gubmint pension ;)
http://screen.yahoo.com/car-lands-roof-glendale-driver-064613672.html
[edit] just read that link, car didn't flip, landed on the roof of a house, lol
How badly will this screw up your retirement?
Can they screw with you or are you safe?
Actually if they get a federal judge to rule in their favor CALPERS would have to follow along, they DO want to cut retirement benefits for the 1100 plus retires. Good thing I went to another department, But I might be the only 75 year old cop in a bunch of years to rebuild my retirement.
If that does happen, it will be in court for years.
It's a F*cking mess.
Retirement funds are secure. Unlike Socialist Insecurity, private retirement funds are actually funded, as you go. Novel concept.
Until the Feds do a Cyprus they're safe.
True. Once they go Cyprus, nothing is sacred.
Can't wait until Jessie Jackson shows up to denounce the new emergency manager because he is going to cut the budget, kinda like what happened in Detroit.
Sooner or later you run out of other peoples money.......and the producers run off with THEIR money.