Stockton set to become largest municipal bankruptcy in U.S.

While Stockton is far away from Hollywood, Municipal Bankruptcy is still something to pay close attention to.

This article in the San Gabriel Valley Tribune is reporting some of the problems the City of Stockton is facing in their filing of Chapter 9 Bankruptcy protections.

One of the interesting lines in the article:

Multi-year labor contracts for city workers carrying escalating costs and generous retirement plans added to the burden.

A phrase that is appearing more and more often about Municipal Workers across the country….. Generous Retirement Plans. They make it sound like we Municipal Workers don’t work for and earn those retirement benefits. ¬†And just who, exactly, is deciding what is ‘normal’ and what is ‘generous?’

 

via Stockton: City set to become largest municipal bankruptcy in U.S. – SGVTribune.com.