Your Views: Bankruptcies among cities could cause debt calamity
Are you ready for the debt crisis no one is talking about? It’s the current and potential city bankruptcies now unfolding. The feds cannot afford to cover the city failures below. The “biggies” in all this are New York City and Chicago. The crisis of overpromising and overspending is now a fact showing up in the cities of America.
In an article dated Oct. 18, Mike Shedlock listed Detroit and Central Falls, R.I., as well as the following cities:
-- Philadelphia: “5th largest city in U.S. is effectively bankrupt; mayor holds closed meeting with Wall Street to discuss asset sales.”
-- Houston: “CPAs state Houston is Bankrupt” (Even within a state that is in good financial shape).
-- Los Angeles: “Mayor of Los Angeles says “Bankruptcy is not an option.” (Of course it is.)
-- New York cities: “Public Pension Ponzi Scheme—New York cities borrow from pension plan to make contributions.” (I note this plural—how many?)
-- Baltimore: “Time for Baltimore to ‘Pull a Vallejo’ and declare bankruptcy.”
-- Miami: “Miami commissioner says bankruptcy is city’s best hope; Chris Christie says New Jersey careens toward becoming Greece.”
-- Chicago: “Chicago’s Mayor Daley discusses bankruptcy for city pensions.”
-- Scranton: “Scranton mayor slashes all public worker wages to $7.25 per hour, including police, fire, his own; city effectively bankrupt.”
-- Harrisburg: “Pennsylvania state Capital files for bankruptcy.”
Vallejo, Calif., went bankrupt two years ago and headed back into court again.
I wonder how Wisconsin cities are doing?