The future of US cities
August 7th 2011 06:32
Many more US cities will have to file bankruptcy before we're done:
The problem:
This is the same issue Wisconsin and many other states are grappling with. Public worker unions are bankrupting cities and states. They use their power to get union-friendly politicians into office and then they negotiate unsustainable contracts with those handpicked politicians. As cities and states exhaust their budgets, these showdowns will only grow in quantity and shrillness. Welcome to your future, America.
The smallest city in the smallest U.S. state made the filing Monday as it grappled with an $80 million unfunded pension and retiree health benefit liability that is nearly quadruple its annual budget of $17 million.
The problem:
"Everything was done to avoid this day," Flanders, a retired judge, said.
"We negotiated with ... the police and fire unions, without success, attempting to reach voluntary concessions, and we tried in vain to persuade our retirees to accept voluntary reductions in their benefits," he added.
"We negotiated with ... the police and fire unions, without success, attempting to reach voluntary concessions, and we tried in vain to persuade our retirees to accept voluntary reductions in their benefits," he added.
This is the same issue Wisconsin and many other states are grappling with. Public worker unions are bankrupting cities and states. They use their power to get union-friendly politicians into office and then they negotiate unsustainable contracts with those handpicked politicians. As cities and states exhaust their budgets, these showdowns will only grow in quantity and shrillness. Welcome to your future, America.
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