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Switch to Forum Live View Stockton, CA becomes biggest city to file for bankruptcy
2 years ago  ::  Jun 27, 2012 - 1:09PM #1
MMarcoe
Posts: 15,865
Figures. Look for more cities to do the same.

STOCKTON, CALIF. - Stockton, California, will become the largest U.S. city to seek protection from its creditors after its leaders approved a budget on Tuesday night based on the city filing for bankruptcy.


A Chapter 9 bankruptcy by the city of nearly 300,000 in California’s Central Valley, about 85 miles (135 km) east of San Francisco, could come as early as Wednesday.


Stockton’s city council voted six to one in favor of the 2012-2013 budget after a contentious five-hour meeting where angry retired city workers pressed council members to reject the $155 million spending plan. It proposes eliminating retirees’ medical benefits to help fill a $26 million budget deficit.




www.torontosun.com/2012/06/27/california...
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2 years ago  ::  Jun 27, 2012 - 2:22PM #2
Nepenthe
Posts: 2,584

“I don’t have that kind of income,” said Ridge, 56, noting she is concerned a large share of her $1,895 monthly pension payment could be consumed by large insurance costs due to her history of heart attacks.



Stockton officials have said since February their city’s finances are suffering the combined effects of fiscal mismanagement over two decades, too much debt taken on in good times and generous pay and unsustainable benefits for city employees and retirees.



Unsustainable benefits, you think?  I take home in full time pay just a little over what this woman takes home in pension.

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2 years ago  ::  Jun 27, 2012 - 3:12PM #3
Erey
Posts: 18,403

I don't know about Stockton, CA but I do know there were other CA cities where the unions "negotiated" such high unsustainable benefits it created a bankruptcy style situation.  Also on the state level this happened too.


The clearest example I can remember is prision guards/workers were eligible for 80% retirement after only working for 5 years.  So people were becomming prision guards at say 40, retiring at 45 and set for life. 


 


unions IMO are like any other special interst.  Not bad in and of themselves but pretty much will abuse the situation if given the opportunity.  They will and have sabotoged themselves by creating unsustainable situations. 

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2 years ago  ::  Jun 27, 2012 - 5:01PM #4
Druac
Posts: 11,264

Jun 27, 2012 -- 3:12PM, Erey wrote:



The clearest example I can remember is prision guards/workers were eligible for 80% retirement after only working for 5 years.  So people were becomming prision guards at say 40, retiring at 45 and set for life. 





I'm going to have to call BS on this one, unless you can supply some reference to its reality.


And even if it is real…why in the world would a city accept such an asinine “negotiation”? I would hope the citizens of such a city would run the elected officials or City Manager out of town after a good tar & feather...were that true.


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2 years ago  ::  Jun 27, 2012 - 5:46PM #5
Find1Answer
Posts: 7,257

You only have to serve as a state representative or senator to receive the best bennies in the world for the rest of your life in my state.    funny how so many of them retire in the middle of their third term.       

"I don’t care if the federal government is telling me to buy my employees Jack Daniel’s or birth control. What gives them the right to tell me that I have to do that? That’s my issue, that’s what I object to, and that’s the beginning and end of the story."

This hint that Potter had merely swaddled an anti-government rant within a "religious" blanket illustrates the main problem with Justice Samuel Alito's majority opinion in Hobby Lobby: it takes claims of religious scruples for granted.

http://www.latimes.com/business/hiltzik/la-fi-mh-expanded-hobby-lobby-20140702-column.html#page=1
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2 years ago  ::  Jun 27, 2012 - 6:26PM #6
Erey
Posts: 18,403

Jun 27, 2012 -- 5:01PM, Druac wrote:


Jun 27, 2012 -- 3:12PM, Erey wrote:



The clearest example I can remember is prision guards/workers were eligible for 80% retirement after only working for 5 years.  So people were becomming prision guards at say 40, retiring at 45 and set for life. 





I'm going to have to call BS on this one, unless you can supply some reference to its reality.


And even if it is real…why in the world would a city accept such an asinine “negotiation”? I would hope the citizens of such a city would run the elected officials or City Manager out of town after a good tar & feather...were that true.





 


OK it is from a book I finished a few months ago called Boomerang which discussed the global economic crisis.  In this particular situation of prison guards it was a state issue but you had similar things happening with municipal police and firefighters in different cities. 


Why?  Because it is cheap and easy for the pols to rubber stamp this kind of nonsense.  where are those politicans now?  Are they suffering the consequences? 

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2 years ago  ::  Jun 27, 2012 - 6:28PM #7
Erey
Posts: 18,403

Dru here:


cozylibrary.com/?p=1315


 


Then the author visited one last country (the United States, specifically California). Piled on the other stories, reading about California’s problems was just plain sad. When a prison guard in California earns $100,000 and is allowed to retire after five years and receive a pension almost that generous – how can anyone believe that’s sustainable? And California’s political gridlock is not that much different from that of the US Congress … and that doesn’t bode well for any quick recovery from our economic doldrums.

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2 years ago  ::  Jun 27, 2012 - 6:39PM #8
Bodean
Posts: 9,211

Jun 27, 2012 -- 1:09PM, MMarcoe wrote:

Figures. Look for more cities to do the same.


STOCKTON, CALIF. - Stockton, California, will become the largest U.S. city to seek protection from its creditors after its leaders approved a budget on Tuesday night based on the city filing for bankruptcy.


A Chapter 9 bankruptcy by the city of nearly 300,000 in California’s Central Valley, about 85 miles (135 km) east of San Francisco, could come as early as Wednesday.


Stockton’s city council voted six to one in favor of the 2012-2013 budget after a contentious five-hour meeting where angry retired city workers pressed council members to reject the $155 million spending plan. It proposes eliminating retirees’ medical benefits to help fill a $26 million budget deficit.




www.torontosun.com/2012/06/27/california...




Well .. we all know the problem.  They need more public unions employees, to increase the tax base, so they'll have the money to pay their debts!!

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2 years ago  ::  Jun 28, 2012 - 9:01AM #9
Druac
Posts: 11,264

Jun 27, 2012 -- 6:28PM, Erey wrote:


Dru here:


cozylibrary.com/?p=1315


 


Then the author visited one last country (the United States, specifically California). Piled on the other stories, reading about California’s problems was just plain sad. When a prison guard in California earns $100,000 and is allowed to retire after five years and receive a pension almost that generous – how can anyone believe that’s sustainable? And California’s political gridlock is not that much different from that of the US Congress … and that doesn’t bode well for any quick recovery from our economic doldrums.




So there was a prison gaurd...somewhere in California that retired after five years and was making $100,000.00? And this was simply a mention in a book?


I still don't buy it. In fact, the only thing I can find on this is that exact statement...echoed through the Internet...like most "facts" echoed through the Internet.


I still don't buy it.

Jesus Is My Savior...He Saves Me From REALITY!
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We created god in our own image and likeness!
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2 years ago  ::  Jun 28, 2012 - 1:35PM #10
Erey
Posts: 18,403

Jun 28, 2012 -- 9:01AM, Druac wrote:


Jun 27, 2012 -- 6:28PM, Erey wrote:


Dru here:


cozylibrary.com/?p=1315


 


Then the author visited one last country (the United States, specifically California). Piled on the other stories, reading about California’s problems was just plain sad. When a prison guard in California earns $100,000 and is allowed to retire after five years and receive a pension almost that generous – how can anyone believe that’s sustainable? And California’s political gridlock is not that much different from that of the US Congress … and that doesn’t bode well for any quick recovery from our economic doldrums.




So there was a prison gaurd...somewhere in California that retired after five years and was making $100,000.00? And this was simply a mention in a book?


I still don't buy it. In fact, the only thing I can find on this is that exact statement...echoed through the Internet...like most "facts" echoed through the Internet.


I still don't buy it.




I think it was a real trend in Ca to have these tremendous unsustainable benefits for state and municipal employees.  I find it rude to ask for sources and then be a jerk about it.  This source is a review of a book, a highly celebrated book that discussed the global economic meltdown.   If you are honest you will research the subject on your own and look into where unions coupled with politicians screwed society. 

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