“Judge: Stockton, Calif., Can File for Bankruptcy”
And because the city government has protected by way of state law the government union employees whom they rely on to keep them in power, one hand washes the other, and the creditors get fucked (in theory: here, it’s the insurers who get fucked, and that’s probably not much to cry over, given that they themselves banked on the implausibility of a city going in to default) while the public sector unions don’t suffer at all — and so have no reason ever to believe they must re-negotiate any of the benefits handed to them at the expense of the taxpayers. Because the pensions must be paid, basic services paid for by tax payers would have to be cut. By state law. And, well, too big to fail.
Now, every Democrat-led state government can take a break ramming through “anti-gun violence” measures and instead hurry a vote to make it state law to protect the pensions of government employees — even though they themselves spent the money guaranteed to those pensions, then claim they’ll have to cut basic services without bankruptcy because the law they passed “forces” them to pay it back.
The Democrat don’t suffer. The public sector unions don’t suffer. In fact, they can lock themselves into permanent power without fear of repercussion. They only have to pay back pennies on the dollar — and then they enrich themselves with the difference.
Nice work if you can get it.Oh well. I suppose we can always count on John Roberts to save us. Amiright?
(thanks to Pablo)