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cchuba Wrote: Jul 11, 2012 3:46 PM
"What's more, despite the bankruptcy declarations, union pensions probably won't be touched. Those are contracts that were signed, sealed and delivered long ago; the benefits have already begun to vest". - Shapiro Do you know what bankruptcy is? By definition bankruptcy is the breaking and re-negotiating of contracts. In NJ pensioners lost their COLA with a simple legislative acttion, with bankruptcy even more is on the table.
This week, the city of San Bernardino, Calif., went bankrupt. It followed hot on the heels of Vallejo and Stockton, Calif. And they'll be followed, no doubt, by Los Angeles -- and then, shortly after that, by California.

Let's take a look at the numbers. San Bernardino has an annual budget of $258 million; it is running a budget deficit of $45 million. Where does that money go? To the unions, largely. About three-quarters of the general fund goes to personnel; 78 percent of that 75 percent goes to public safety employees, the most lucratively compensated of all government...