“Union pensions wrecked Stockton,” said Mike Shedlock, investment
advisor at Sitka Pacific Capital, in his article at Business Insider. “The
only way to escape the death-grip of inane pension promises is
bankruptcy.”----------------------They did it to
GM and Chrysler. They did it to the U.S. Postal Service. They're doing it
in practically every other city, state and the country as a whole, not to
mention the entire European block.Unions at every level and of every
sort have continued to grasp for every conceivable pay raise, benefit
accommodation, job padding agreement that one could imagine, to the point where
the deficit-running budgets and the debts they produced are simply no longer
ignorable.The root problem with both the unions and the governments
and/or company management structures has been the same and can be identified
with one word...dishonesty.No honest person can look at the
irresponsible budgets and actions of these entities, public and private, and
--honestly-- say this disaster was not foreseeable many years ago.
Union pensions wrecked Stockton. WELL DUH! Entitlements enable laziness.
Politicians should have their pensions revoked. No one should get fat off of the
taxpayer after their term of service is over! The true fat cats are the
politicians, and their low-life entourage.
Isn't this what the recall of the governor of Wisconsin was all about?
Hope other state and city governments follow his example.
You might want to include over growth. "Legal and illegal
immigration overwhelmed Stockton. As of the 2010 Census, Stockton is 40 percent
Hispanic and 22 percent Asian, mostly from Southeastern Asia. Immigration fueled
Stockton’s population growth, an unsustainable 20 percent in the last
decade. As a result, the city had to hire more police and firemen as well as
provide an abundance of social services to its new arrivals, most of them poor,
some destitute. Eventually, the need for additional law enforcement, fire
protection and welfare outstripped Stockton’s ability to pay for it."
Rapid growth, then the housing bust just was the final nail. Longtime Stockton resident.
Meanwhile the Democrats in Washington, D.C turn a blind eye as they continue to
ignore outrageous deficits and fail to pass a budget for our country.
Spending other peoples' money seems to come easy for politicians from the
White House on down. Too bad Stockton can't print money or borrow from the
Chinese like they do in D.C.
Now Mammoth lakes CA. going under, No union, no pensions to blame, just bad