Bankruptcy talk spreads among Calif. muni officials
(Reuters) – Two years after Vallejo, California, filed for bankruptcy protection, officials in nearby Antioch are also tossing around the ‘B’ word.
Of course cities want to declare bankruptcy, so they can get Uncle Sugar to bail them out and still continue the fiscally ruinous liberal programs and policies that ballooned the debt in the first place.
But wait, there’s more:
Orange County Treasurer Chriss Street would not be surprised if more local governments across the Golden State sound a similar alarm.
Street expects more talk of municipal bankruptcy across California because local government finances are in such dire shape — a situation underscored on Wednesday when a top finance officer for Sacramento County projected a worse-than-expected shortfall for the county of $181 million, which could force more than 1,000 layoffs from the county’s payroll.
Why is it such a surprise that an economic downturn in the private sector might actually extend to the public sector, especially when budgetary and fiscal responsibility is such an unknown quantity in liberal bastions?
Now if a municipal government was for declaring bankruptcy, and one of the results of the bankruptcy proceeding was to strip the public unions of much of their ill-gotten loot and undeserved influence on government, then I would be more supporting of the situation.
Filed under: Capitalism and Economy, Lies and Statistics, Political Shenanigans, The Left Side of Life
