I think that Chicago going to bankruptcy is a good thing. I know many thing it should be bailed out. The workers that are going to be hurt by this is terrible. But this needs to happen and workers have to get wise to Unions that promise them the sky. Many of the government workers were making twice of what the private sector makes. Many put in ridicules hours to boost their retirement fund. You shouldn’t have your retirement fund based on a ton of overtime and double time hours. I didn’t believe the car companies should have been bailed out. Bankruptcy is good for companies out of control it usually means to many of the higher ups are making to much.
Chicago can now come out with a clean slate without allot of the people that got them in trouble. they can renegotiate there contracts and higher people at on par with the private sector. The gravy train is over the days of overpayment, large pensions, large bonuses, elaborate vacations is gone. The country is in this trouble because of the run away spending. they need to attract new companies and workers and grow their way out. Now they have a clean slate they can start all over..! I think allot of States are going to do this. Many cant or don’t have the Pension funds fully funded. It is a shame that workers were promised this money. But they should blame the unions and the State politicians for over reaching.
- Warning to all police, firefighters, schoolteachers: Most government pensions to be confiscated within a decade (fromthetrenchesworldreport.com)
- Government Pensions Confiscation (lisaleaks.com)
- Detroit Today, Illinois Tomorrow (illinoisreview.typepad.com)