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Thursday, February 28, 2008
Vallejo, CA: A sign of times to come?
By VictorM:While the Bush administration and fellow accomplices continue to try and disguise the serious problems they've institutionalized during their years in power, the realities of the consequences are rearing their ugly heads. Here's an example:
Vallejo, a city of 135,000 outside of San Francisco, moved closer to bankruptcy after negotiations with its labor unions collapsed... Vallejo faces ballooning labor costs and declining housing-related sales-tax revenue, leaving budget officials projecting that money will run out within weeks.That's not a small town near bankruptcy. And unlike New York City years ago, this is not just mismanagement. And there's no relief in sight for them.
Municipalities throughout California are grappling with billions of dollars in labor and pension cost increases incurred during the late 1990s. The crisis comes as the worst housing slump in the U.S. in 26 years saps tax revenue. The state's own $16 billion deficit led Governor Arnold Schwarzenegger last month to declare a fiscal emergency.
The hard times, they are a-coming to many a neighborhood near you.
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It's sad that the first time my city is mentioned in your blog it's for bankruptcy.
# posted by 
: 12:12 PM
: 12:12 PM
You should hear the plotting and planning over at the Front Room to overthrow the city management. It's amazing.
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# posted by : 10:17 PM
: 10:17 PM
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