Bankruptcy should be viewed as an opportunity. It is an opportunity to reorganize and shake off unsustainable obligations to government workers and retirees. More and more local tax revenue is being funneled away from schools, parks, libraries and public safety, and instead used to provide gold plated benefits to public workers far more generous than in the private sector. As a taxpayer, I dare cities like NYC to declare bankruptcy - perhaps the most courageous and responsible action such cities can take.
Orange County Calif. faced bankruptcy, due to awful investments byt the then Treasurer.
Voices cried for tax increases, including the GOP establishment.
I led the anti-tax increase side. I argued they should cut expenditures, like a business must.
The tax increase ballot measure failed, we survivd fine.
NYC and any jurisdiction must find ways to reform pensions, which in many cases are simply unsustainable.
This applies across the fruited plain.