The American Empire in a Changing World


Monday, October 22, 2012

''San Bernadino’s coming pension brawl''

From Reuters
By Cate Long

''The bankrupt cities San Bernadino and Stockton, California share similar fiscal woes. Both include very high employee pay and benefits. Both have sought the protection of Chapter 9 municipal bankruptcy and are shielded by the courts from any new litigation. The court protection gives the cities time and fiscal space to negotiate with employees and creditors, and to organize their financial affairs. It’s hard to imagine the difficulty of running a city in bankruptcy with dwindling cash reserves.''

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