City of Pritchard, AL Declares Bankruptcy Due to Pensions

Pension System Busted Country Wide

It is highly likely that nearly every pension plan in the country is busted. The solution is for every city and municipality in a predicament to “pull a Vallejo” and declare bankruptcy. Please see Judge Rules Vallejo Can Void Union Contracts for details.

Deficiencies cannot be met on the backs of taxpayers. Enough is enough. It’s time to end every massively underfunded public defined benefit plan in the country, by force if necessary (bankruptcy), unless unions agree to major concessions that would make the plans viable without raising taxes one cent.

Read the whole post at Mish’s (Mike Shedlock’s) blog at http://globaleconomicanalysis.blogspot.com/ . Good opportunity to bookmark his blog, if you’d like. Thanks, Jim, for the heads up.

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Posted on March 16, 2010, in Deficit, Municipal Pensions and tagged . Bookmark the permalink. Leave a comment.

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