Sunday, July 8, 2012

The Hogs Won't Stop Feeding at the Trough

The Hogs won't stop feeding at the trough--they'll even force the trough into bankruptcy!--

Stockton, Calif., faces midnight deadline to avert bankruptcy | Reuters: ""It's definitely about sharing the pain a little more broadly," said Michael. "Up until recently there has been no real impact on the retirees or bond creditors ... The employees and the citizens have been bearing all of the pain." Stockton's finances collapsed along with its housing market, and despite slashing $90 million in spending in recent years and cutting a quarter of positions across its agencies, the city's finances cannot shake recurring deficits due to weak revenue. Stockton's financial troubles have been compounded, according to city officials, by generous pay and benefits for city employees and retirees and the city taking on too much debt when it enjoyed a home-building boom in the early part of the last decade that transformed it into a distant bedroom community for the San Francisco Bay area."


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