Stockton, Calif., is set to become the largest U.S. city to declare bankruptcy as officials say mediation failed.
From Fox News
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5 comments:
This is going to happen alot of places unless pension reform is enacted but no one believes it.
Governments can not keep on shorting the pension plans, replacing it with money from elsewhere and paying out more in retirement benefits than current employee payrolls.
This retirment plan/Ponzi scheme is not sustainable anymore.
Simple soplution obamie , just print more money and move on to the next city , bank , car manufacturer , solar company , stock market , every nation in the world and finally , the famous first lady , for her vacations.
Don't you just love this idiot president?
7:15, So now the president controls the finances of Stockton, CA? LOL, boy we've got a sharp one here.
738-He does control the finances of the federal gov't. Which, if you haven't checked, he's ran up more debt than any other President in history, with 40 months of 8%+ unemployment to boot!
Obama being the food stamp prez, cell phone prez, and all the other things the sponges are sponging costs local governments tons of money also. It trickles down. Not only is the fed govt paying but also local govt's contribute toward these entitlements.
So yes 7:38, Obama does ultimately have some control over how much money local govt's are shelling out.
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