It will be the largest American municipal bankruptcy - I understand the previous record was a city in Alabama. Times like this, I'm glad I'm Canadian.
Stockton, California, will file for bankruptcy.
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The good news is, you don't need much military spending to defend a country few would touch with a ten-foot pole.
The US is a beautiful country, but the greatest threat to it now is not imaginary boogey men from abroad, but uncontrolled spending.
The US is a beautiful country, but the greatest threat to it now is not imaginary boogey men from abroad, but uncontrolled spending.
It's funny how in the article everyone talks about protecting this municipal service and that municipal service, but not a peep about wanting to pay more taxes... hmmmm.... I wonder if that had anything to do with it. If they truly valued those municipal services, they'd all be asking the local government to raise their taxes, no? They can't be that stupid to not see a connection... or are they?
Who cares? Besides, what does it matter to non-partisans?
Who cares? Besides, what does it matter to non-partisans?
Do you know what a defined benefit pension plan is? Public employees in America have them. And most of them are seriously underfunded. New tax revenues will be used to pay down unfunded liabilities for fat pensions instead of paying for present services.
The past wants to steal the present and the future. Ordinary people aren't willing to let it happen.
The same things that are devastating the American economy.. it's deindustrialization through Free Trade and financial devolution through monetarism, de-regulation, privatization (especially of sovereign control of the currency).. is destroying the Canadian economy as well.
Our pensions are just as exposed as those of the employees of Stockton, California. Free Market, neoliberal economic policies are an utter failure. This is merely the start of a gathering economic calamity that will engulf both the U.S. and Canada.
Nothing to do with free trade, but rather overspending. Some of the fringe republicans support the principle of "starve the beast". Well, here's teh result.
Sure Democrats are partly at fault for not cutting spending, but so are republicans for not raising taxes.
Probably the easiest way for taxpayers to get out from under the financial obligations years of bureaucraps made for themselves.
More southern California cities are struggling to avoid bankruptcy, and this is the problem facing many American municipalities. I hope we don't have that problem here.
Their problem are the pensions and fat-cat expenses, which we also have, but, unlike us, they don't have a booming resource economy.
Their problem are the pensions and fat-cat expenses, which we also have, but, unlike us, they don't have a booming resource economy.
Even during the Great Depression, we did not have the whole scale bankruptcies of cities and states. We are in fact entering a Depression of unknown depth and duration. And this is ALL directly related to collapse of American industry (by way of Free Trade and monetarism).. and the resultant collapse of the housing market.. the basis of civic revenues. What you see now is radical reductions of police forces, fire departments, road repair, infrastructure maintenance in sewers and water. Your 'overspending' was in fact civil services that people up to this time took for granted.. and kept the wilderness at bay.
Either that or cut spending. According to the article they do not want services cut, so what's the alternative.
It would seem to me a responsible mayor would make it very clear to them that they have one of two long-term choices: high taxes for quality municipal services or minimal municipal services to allow for low taxes. Right now though it would appear they realistically have but one choice: high taxes and minimal services for a long time to come.
Someone is: the voters!
So are you proposing that if the city of Ottawa raised tarrifs against all imports from out of town, that that would make things better? It's the same principle between nations.