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2011-08-13 — safehaven.com
The sad truth is that it's simply impossible to run a major US state with the current public sector pay/benefits structure. The process of scaling back pensions and salaries will hurt a lot of cops, teachers and social workers who don't deserve pain. But there's no mathematical alternative to a dramatic lowering of state/local operating costs. ... The muni bond market has held up amazingly well considering that many of them are loans to bankrupt states in a soon-to-be bankrupt country. But in the coming year Meredith Whitney's prediction of "hundreds of billions of dollars of muni defaults" might come true, again with California leading the way. source article | permalink | discuss | subscribe by: | RSS | email Comments: Be the first to add a comment add a comment | go to forum thread Note: Comments may take a few minutes to show up on this page. If you go to the forum thread, however, you can see them immediately. |