Mike Shedlock from Mish’s Global Economic Trend Analysis has a great article about the potential for municipalities across the nation to file Chapter 9 bankruptcy.
John Moorlach, the accountant who predicted the 1994 Orange County bankruptcy sees Up to 10 Municipal Bankruptcies in Coming Year
Even more infuriating than the policy makers inability to demonstrate fiscal responsibility is their willing to stick both of their hands in the dole. Mike quotes the St. Petersburg Times article Double dipping rises despite outrage.
This year some of Florida’s public officials are giving a whole new meaning to the phrase “home for the holidays.”
It’s a new crop of double dippers, taking advantage of a loophole in state law that allows them to “retire” by taking 30 days off and return to work in their old jobs with a salary and a pension. Many also collect a lump-sum “retirement” payment that can reach hundreds of thousands of dollars.
It is sad that we live in an entitlement culture. Everyone thinks that society owes them something.
As Margaret Thatcher said of “society”,
There is no such thing! There are individual men and women and there are families and no government can do anything except through people…”
Politicians and people that demand something for nothing are holding back the more productive members of our society.Tags: Bancruptcy, Bay Area, CA, chapter 9 bankruptcy, Government, mike shedlock, Vallejo