On the heels of a federal debt deal that no one really wants comes news that tiny Central Falls, R.I., (population: 18,716) has landed in bankruptcy court. City fathers cannot pay retirement benefits promised to municipal retirees, most notably former firefighters and police officers. So the city is going to court to take back what it had promised.
If only this was an isolated case. Last year, city officials in Prichard, Ala., (population: 27,578) stopped paying 150 retired town employees the benefits they once thought were secure. Pensioners in Prichard are going back to work, if able. Some cannot afford electricity and running water.
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1 comment:
Because the US controls the currency...it can print more money, thus devaluing the debt it owns.
Good idea? Probably not, but this answers your lead question.
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