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Wednesday, July 11, 2012

San Bernardino Seeks Bankruptcy Protection

“The city’s fiscal crisis has been years in the making, compounded by the nation’s crushing recession and exacerbated by escalating pension costs, lucrative labor agreements, Sacramento’s raid on redevelopment funds and a city reserve that is tapped out, officials said. . . .

City Atty. James Penman said city budget officials had falsified documents presented to the mayor and council for 13 of the last 16 years, masking the city’s deficit spending.” (Los Angeles Times)

The U.S. isn’t Greece; it’s starting to look like a collection of Greeces.

 FEE Timely Classic

Greece: The Canary in the U.S. Coal Mine?” by Steven Horwitz