Three biggest US cities heading toward BK?

  • Posted by a hidden member.
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    Mar 03, 2014 10:34 PM GMT
    http://money.msn.com/investing/post--3-huge-cities-flirting-with-bankruptcy
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    Mar 03, 2014 11:07 PM GMT
    ...heading toward BurgerKing? =O



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    Mar 04, 2014 7:43 AM GMT
    meninlove said...heading toward BurgerKing? =O



    And BoogerKing may be too expensive.
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    Mar 04, 2014 7:46 AM GMT
    YourName2000 saidScary.


    The booger or the BK?
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    Mar 04, 2014 7:58 AM GMT
    YourName2000 said
    freedomisntfree said
    YourName2000 saidScary.


    The booger or the BK?

    Lol, those numbers. I had no idea that NYC was in such bad shape.


    Neither did I. I knew LA had some risks ... and Chicago, but nothing this serious.
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    Mar 04, 2014 12:20 PM GMT
    The writer speaks of "massive" pensions. LOL. The average pension pre-bankruptcy in Detroit was a whopping $19,000 a year. Those municipal retirees are so greedy.

    Yeah, no agenda there.
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    Mar 04, 2014 12:51 PM GMT
    Shark_cuterie saidThe writer speaks of "massive" pensions. LOL. The average pension pre-bankruptcy in Detroit was a whopping $19,000 a year. Those municipal retirees are so greedy.

    Yeah, no agenda there.


    http://www.wsws.org/en/articles/2014/03/03/pens-m03.html

    "The average pension for most retirees in Detroit is $19,000 a year while the average for public safety employees, who generally do not receive Social Security, is $34,000 a year. All told, the pensioners association says, the cuts will throw 20 percent of retired city workers into poverty over the next decade"

    http://www.crainsdetroit.com/article/20131211/NEWS01/131219979/orr-detroit-pensions-should-consider-benefit-cuts#

    "Detroit pension officials should consider accepting benefit reductions that fall hardest on retirees collecting the biggest checks, city Emergency Manager Kevyn Orr said.

    The city’s plan to cut debt and exit bankruptcy ought to “keep fidelity” with a June proposal to pay bondholders and retired municipal workers about $10 billion less than they are owed, Orr said Tuesday in a phone interview. He declined to say what he has offered creditors, citing the confidential nature of the talks.

    Some of Detroit’s 23,000 retirees collect pensions that exceed $100,000 a year, while the average for general city retirees is about $19,000 annually. The average pension for police and fire retirees is about $30,000 a year."

    http://money.cnn.com/2013/07/23/retirement/detroit-pensions/

  • roadbikeRob

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    Mar 04, 2014 6:45 PM GMT
    Los Angeles faced a very similar fiscal scenario right after the fierce riots of 1992 and for some unknown reason it managed to keep its finances in relatively good shape. I think LA will do whatever it takes to stave off bankruptcy and will continue to grow in population. New York City and Chicago are not going to be as fortunate. Their financial problems are worsening very rapidly with no end in sight. We are all well aware of Detroit's situation. I am curious on how Philadelphia is doing in terms of finances. Same for Phoenix and San Diego since these three cities are all 1 million+ in central city population. What does the future have for Philadelphia, Phoenix, and San Diego in terms of municipal finances and pension costsicon_question.gif
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    Mar 04, 2014 7:59 PM GMT
    Villaraigosa was such impotent mayor. I blame him for LA's demise.
  • roadbikeRob

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    Mar 04, 2014 8:08 PM GMT
    xrichx saidVillaraigosa was such impotent mayor. I blame him for LA's demise.
    Yeah he was a democrat that pandered to the same elements that urban democrats pandered to in most other cities, organized labor and the unmotivated urban poor. Just look at cities like Detroit, Buffalo, and Baltimore and see what these corrupt incompetent democrats have largely caused because of their endless pandering to these groups along with their excessive taxation. LA would be wise not to fall completely under control of the democratic party or it will become a gigantic ghetto like most older, northern cities.
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    Mar 04, 2014 8:32 PM GMT
    meninlove said...heading toward BurgerKing? =O





    HAHA! I thought the same thing when I read the thread title. I was like...wow, Whoppers rule!!