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  • drharioustempleiii drharioustempleiii Nov 15, 2013 9:07 AM Flag

    Another Liberal controlled City to file for Bankruptcy

    Let’s see so far we have;
    Stockton, CA
    San Bernardino, CA
    Detroit, MI
    And so to be added to the list, Desert Hot Springs, CA
    Coming soon within a year, Chicago, Illinois

    DESERT HOT SPRINGS, Calif. - A resort town in California warned on Tuesday that it will run out of money by March due to burdensome salary and pension costs and could join other U.S. cities that have recently filed for bankruptcy protection.

    A bankruptcy filing by Desert Hot Springs, a city of 26,000 about 110 miles east of Los Angeles, would make it the third California city along with San Bernardino and Stockton to seek court protection from creditors.
    San Bernardino and Detroit - the biggest U.S. city to seek Chapter 9 protection - are likely to set precedent on whether retirees or Wall Street bondholders suffer the most when a city goes broke.

    Aguer said nearly 70 percent of the city's budget was consumed by police costs, most of which were spent on salaries and pension payments to the California Public Employees' Retirement System, or Calpers.
    The fate of other cities struggling with pension costs - including Desert Hot Springs - will add to the pressure for pension reform, said Karol Denniston, a bankruptcy attorney in San Francisco.

    Detroit, in Michigan, and Stockton and San Bernardino in California, have all struggled to meet their rising pension obligations. Managers in Detroit are seeking a judge's permission to slash pension benefits.
    Illinois has a $100 billion unfunded pension liability that has resulted in credit downgrades that have left the state with the lowest ratings among U.S. states.

    Although Stockton is on the verge of exiting bankruptcy without cutting payments to Calpers, a newly elected cadre of officials in San Bernardino say they are keen to confront Calpers over rising costs. Calpers is San Bernardino's biggest creditor.

    Another Democratic controlled city filing, We all see a pattern here

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