Viewpoints: Stockton’s bankruptcy and pension reform


 

Published: Monday, Aug. 4, 2014 – 12:00 am

The city of Stockton’s bankruptcy case is winding down, but the tantalizing issue of whether the city can or should use bankruptcy court to further reduce pensions that people have earned is still capturing media fascination. I thought I’d share an informed perspective and try to clarify this issue within the rubric of municipal bankruptcy.

 



'Viewpoints: Stockton’s bankruptcy and pension reform' have 3 comments

  1. Firebug

    August 7, 2014 @ 4:54 pm Firebug

    How the mighty have fallen! First the denial of ever the possibility of a city going bankrupt then the next denial of treating Calpers as just another creditor. What we are seeing now that a Federal judge has undone both of the above claims is the mighty Calpers, the employee unions and their apologists attempt to “scare” us into not exploring what might happen if pensions are modified.

    Reply

  2. August 8, 2014 @ 8:11 pm Publicus

    I noticed that the police union guys in San Jose are milking public sentiment big time by using the media..as usual. Poor Sergent on the news last night bemoaning the fact that he would love to stay with the San Jose Police Department to “protect and serve” but he is forced into having to retire because there is no chance for moving up the ladder and more money. Poor thing will take his fat pension AND take another job with another agency thus double dipping in the public purse. Of course, he warns of Armageddon as armies of thugs take over the City and blames the bad City Council for failing to make it worth the officer’s while to do their job. Isn’t this the essence of mercenarism? And the media continues to lap this up and the politicians wet their pants.

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