Reply With QuoteAs long as we don't bail them out I'm past caring. Chickens are coming home to roost and there's no reason everybody should suffer from the stupidity of a few.
Bankruptcy looming for Providence, Rhode Island
I am loosing count on the number of cities that are contemplating or have filed bankruptcy.
Link: http://www.bloomberg.com/news/2012-0...udget-gap.htmlProvidence, Rhode Island’s capital and biggest city, probably will seek bankruptcy court protection to deal with a budget deficit, Robert Flanders, the state- appointed receiver for nearby Central Falls, said today.
“I don’t see how they can get out of it without going there,” said Flanders, a former state Supreme Court justice and a partner at Hinckley, Allen & Snyder LLP. He put Central Falls into bankruptcy in August and has used the city’s legal status to tear up contracts with city workers and cut pension benefits.
As long as we don't bail them out I'm past caring. Chickens are coming home to roost and there's no reason everybody should suffer from the stupidity of a few.
The first stage in a bankruptcy procedure should be to find the politicians who made all the ridiculously expensive deals with public sector workers on wages, pensions and benefits, and then cancel their pensions. Seems fair to me.
Contracts are legally binding no matter the circumstances.Originally Posted by Mu-Meson
Since Rhode Island is about the size of a typical California County, have all municipal public works, law enforcement, fire protection, administration within the state.....under a single entity for better economy of scale.
For such a tiny state, there is no need for additional layers.
Hmmm, you need to get out more. There are number of municipalities that declared bankruptcy and cancelled or reduced the pension benefits for retirees.
This is why I'm leaving RI when I can. State is corrupt and Chafee is a dink.
Unless discharged in the bankruptcy court. There is simply no money to pay what was promised! The taxpayers are walking out from the "property" they cannot afford.
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