Monday, July 23, 2012

San Bernardino seeks bankruptcy protection - pt. 1

More on the public pension fiasco--California is one of the worst states--

San Bernardino seeks bankruptcy protection - "The city's fiscal crisis has been years in the making, compounded by the nation's crushing recession and exacerbated by escalating pension costs, lucrative labor agreements, Sacramento's raid on redevelopment funds and a city reserve that is tapped out, officials said. Miller told the council that the city faced major deficits for the next five years. The deficits remain even after the city negotiated $10 million in concessions from employees and slashed the workforce 20% over the last four years."

Remember when government workers were called public servants? What an oxymoron that is today!


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