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Bankrupt Cities and States Won't Let This Crisis Go to Waste - John Rubino #4760
Financial Survival Network
English - May 06, 2020 12:00 - 38 minutes - 52.9 MB - ★★★★ - 31 ratingsBusiness Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
The people running states like New Jersey and cities like Chicago know they’re broke. Ridiculously generous public employee pensions – concocted by elected officials and union leaders who had to have understood that they were writing checks their taxpayers couldn’t cover – are bleeding them dry, with no political solution in sight. They also know that they have only two possible outs: bankruptcy, or some form of federal bailout. Since the former means a disgraceful end to local political careers while the latter requires some kind of massive crisis to push Washington into a place where a multi-trillion dollar state/city bailout is the least bad option, it’s safe to assume that mayors and governors – along with public sector union leaders – have been hoping for such a crisis to save their bacon. And this year they got their wish.