Forward! Stockton, California; move on forward, right to bankruptcy.
Can you take the Democrats with you? Oh, that's right: They are already there.
Stockton, California will seek bankruptcy protection after negotiations with unions over benefits and workers' pay failed to avert insolvency by the city. But because of laws passed by California liberals aimed at entitling government union workers to inflated pay and benefits under most circumstances, look for more cities in California to seek the same remedy.
If you weren’t horrified by the case made in Madison, Wisconsin over union wages and benefits causing massive state and local budget deficits, you should be scared by the example in Stockton.
For more on this story, see Mike Shedlock's Stockton Bankrupt; Unions Pension Death Trap for Cities to Blame
Because California isn’t Wisconsin. It’s bigger than that. California, as measured by GDP, ranks as the 8th largest economy in the world. At $1.9 trillion it dwarfs Greece and is ranked above Spain. Its economy is larger than the economy of Russia.
From the Washington Post:
“The city is fiscally insolvent and must seek chapter 9 bankruptcy protection,” Stockton said in a statement released yesterday after its council voted 6-1 to adopt a spending plan for operating under bankruptcy protection. “In addition to the bankruptcy petition, the city will file a motion with the courts to share information from the confidential mediation.”
The Post said that a bankruptcy by Stockton will make it the largest city to file for bankruptcy protection in U.S. history.
Thank God for the unions and Democrats protecting the middle class.
Without them, we might have something outrageous like fiscal solvency breaking out.
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