SOCIALIST BACKFIRE: This State Is On The Verge Of Going Bankrupt For First Time In 40 Years

[rangerrebew]

SOCIALIST BACKFIRE: This State Is On The Verge Of Going Bankrupt For First Time In 40 Years
 
 
By Martin March 12th, 2019 

After decades of adopting and implementing socialist policies, New York City is on the verge of going bankrupt for the first time in nearly 40 years.

According to Breitbart, financial experts are predicting — and warning — that there are signs that the city is headed for a financial disaster.

The experts argue that many individuals and businesses leaving the city for lower tax areas coupled with city government spending being at an all-time high is also having a major effect on the Big Apple.

https://thebeardedpatriot.com/socialist-backfire-this-state-is-on-the-verge-of-going-bankrupt-for-first-time-in-40-years/

[Jazzhead]

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.   

[truth_seeker]

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.

[Jazzhead]

The problem, @truth_seeker , is the lack of political will,  especially in the face of public sector labor unions whose power and influence trumps that of the "shareholders" - that is, taxpayers.   Bankruptcy, simply stated, can inject a dose of political will.   In the private sector,  mechanisms have slowly developed whereby unsustainable pension obligations,  including promises made to retirees, can be "haircut" and brought into balance with revenues.   These mechanisms must be adapted for use in the public sector.   But until they are,  the blunt instrument of bankruptcy appears to be the best realistic option.   

[truth_seeker]

The problem, @truth_seeker , is the lack of political will,  especially in the face of public sector labor unions whose power and influence trumps that of the "shareholders" - that is, taxpayers.   Bankruptcy, simply stated, can inject a dose of political will.   In the private sector,  mechanisms have slowly developed whereby unsustainable pension obligations,  including promises made to retirees, can be "haircut" and brought into balance with revenues.   These mechanisms must be adapted for use in the public sector.   But until they are,  the blunt instrument of bankruptcy appears to be the best realistic option.   

I have no problem with bankruptcy.

Public sector pensions and benefits must be reformed, because they are not affordable without huge tax increases.

Elected politicos kick the can down the road, time after time.

The City Manager, that can find the budget gimmick year after year to avoid reckoning, is a "good" City manager.