Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

SoCalDem

(103,856 posts)
Wed Jun 27, 2012, 05:10 AM Jun 2012

A Chapter 9 bankruptcy by the city of nearly 300,000 (Stockton, CA)

http://in.reuters.com/article/2012/06/27/economy-stockton-idINL2E8HQ3XU20120627
* Stockton has $700 mln outstanding debt

By Jim Christie

STOCKTON, Calif., June 27 (Reuters) - Stockton, California will become the largest U.S. city to seek protection from its creditors after its leaders approved a budget on Tuesday night based on the city filing for bankruptcy.

A Chapter 9 bankruptcy by the city of nearly 300,000 in California's Central Valley, about 85 miles (135 km) east of San Francisco, could come as early as Wednesday.

Stockton's city council voted six to one in favor of the 2012-2013 budget after a contentious five-hour meeting where angry retired city workers pressed council members to reject the $155 million spending plan. It proposes eliminating retirees' medical benefits to help fill a $26 million budget deficit.

Retired police department employee Geri Ridge said she fears not being able to afford health-care insurance. "I don't have that kind of income," said Ridge, 56, noting she is concerned a large share of her $1,895 monthly pension payment could be consumed by large insurance costs due to her history of heart attacks.

snip

_______________________________________________

ONE city with 700 million in debts..WTF..
Multiply this by all the other US cities that have been starved by Bush and then crushed again by the depression/recession, and we have a HUGE problem.

There is NO way these debts can be repaid, no matter how many retirees they kill off (by cutting off health care they EARNED)
24 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
A Chapter 9 bankruptcy by the city of nearly 300,000 (Stockton, CA) (Original Post) SoCalDem Jun 2012 OP
sorry, everyone is too busy debating sunscreen policy at one school in tacoma to HiPointDem Jun 2012 #1
If it was your kid you'd be busy debating it, too. Zalatix Jun 2012 #4
it's not any of those people's kids. not only debating it, debating it for hundreds HiPointDem Jun 2012 #5
Because some kid's life was endangered by gross negligence. Zalatix Jun 2012 #8
the kids life wasn't endangered and it wasn't gross negligence and if you want to HiPointDem Jun 2012 #9
Wait... Zalatix Jun 2012 #10
go to the sunscreen thread do not pass go make that 'a' sunscreen thread, there are HiPointDem Jun 2012 #11
Hey, you brought up the issue on here. You made incorrect claims. I challenged them. Zalatix Jun 2012 #12
oreos oreos i love oreos filled with colored sunscreen HiPointDem Jun 2012 #13
Wow, when you can't win with logic, you have to fight back with.. that? Zalatix Jun 2012 #16
you're using logic? who knew? HiPointDem Jun 2012 #17
That's funny coming from a guy who said sunburn doesn't endanger a kid with albinism. Zalatix Jun 2012 #20
we spend trillions on our welfare military so people at home can live on the streets nt msongs Jun 2012 #2
+1. we spend billions to bailout banksters' bad real estate bets so houses can sit HiPointDem Jun 2012 #6
Frightening. Nt xchrom Jun 2012 #3
That's a $2333.33 cost per person @ 300k residents...more data in link SoCalDem Jun 2012 #7
$217 M Water Project begun in 2008 seems like a poor choice. FarCenter Jun 2012 #18
Evidently, the city of Stockton made poor lifestyle choices nxylas Jun 2012 #14
rampant tax cheats too. so i heard. HiPointDem Jun 2012 #15
This what happens when you think that property values will always go up hack89 Jun 2012 #19
This retiree is 56 with a $2k/mo pension and free health care? taught_me_patience Jun 2012 #21
I can't decide if that's sarcasm or not. Heywood J Jun 2012 #23
Banks got bailed out, we got sold out. nt. Starry Messenger Jun 2012 #22
We have a county in Oregon that is "near" having to do this. BlueIris Jun 2012 #24
 

HiPointDem

(20,729 posts)
1. sorry, everyone is too busy debating sunscreen policy at one school in tacoma to
Wed Jun 27, 2012, 05:14 AM
Jun 2012

care.

priorities, you know.

 

HiPointDem

(20,729 posts)
5. it's not any of those people's kids. not only debating it, debating it for hundreds
Wed Jun 27, 2012, 06:30 AM
Jun 2012

of posts in 2 or more threads.

and still debating it a week after the school changed the policy, which was all the mother wanted. she likes the school and the personnel.

but some duers hate public schools and post at least one article every week so they can make hundreds of posts about how stupid teachers are.

 

Zalatix

(8,994 posts)
8. Because some kid's life was endangered by gross negligence.
Wed Jun 27, 2012, 06:35 AM
Jun 2012

In the old days we didn't talk about this; we got out the pitch forks and torches and scared the government into paying restitution for what happened to that girl.

The real issue is that when you talk about a city going bankrupt, the first thing that most people DEMAND is that we yank all benefits from city workers. This is an active, malicious drive by large swaths of the populace. It's what drove the vote in Wisconsin and two cities in California.

People WANT to sacrifice their own best interest for the ruling elite. It's a case of mass hypnosis. Even if there was no Snookie, no Justin Bieber, no sunburnt albino kids and no rainbow oreo cookies, even if you got rid of every distraction in the universe, you would still have seething masses of people who think they can get ahead by screwing over other workers. In fact, you would have more of them, as they wouldn't be as distracted from the propaganda coming from the corporate elite.

 

HiPointDem

(20,729 posts)
9. the kids life wasn't endangered and it wasn't gross negligence and if you want to
Wed Jun 27, 2012, 06:40 AM
Jun 2012

debate sunscreen policy, go to the twenty threads about it.

and no, if there weren't 40 million idiotic things to keep people from thinking about reality, they'd have to think about it.

 

Zalatix

(8,994 posts)
10. Wait...
Wed Jun 27, 2012, 06:44 AM
Jun 2012

So you're saying that sunburn doesn't hurt very badly? Or that sunburn doesn't increase your risk of skin cancer? Or that the school didn't deny the kid access to sunscreen? If you aren't willing to say "yes" then you must admit the kid's life was endangered.

If I were the parent of that kid I would not only NOT back down against anyone who told me otherwise... I would sue and force my views upon that school. I would sue that school right into the ground and take the proceeds to get on television and send a warning to other schools NOT TO ENDANGER someone else's kid.

I'm thinking you probably understand how unyielding I am on this issue. And how correct I am, too.

 

HiPointDem

(20,729 posts)
11. go to the sunscreen thread do not pass go make that 'a' sunscreen thread, there are
Wed Jun 27, 2012, 06:53 AM
Jun 2012

several to chose from.

you like colored oreos, go eat some

how did humanity ever survive without fucking sunscreen

 

Zalatix

(8,994 posts)
12. Hey, you brought up the issue on here. You made incorrect claims. I challenged them.
Wed Jun 27, 2012, 07:01 AM
Jun 2012

And as I said in one of those threads, humanity survived without sunscreen. We just died from cancer more often. Long term unprotected exposure to the sun can do that to you, ESPECIALLY if you have albinism.

 

Zalatix

(8,994 posts)
20. That's funny coming from a guy who said sunburn doesn't endanger a kid with albinism.
Wed Jun 27, 2012, 11:22 PM
Jun 2012

Have a nice day!

SoCalDem

(103,856 posts)
7. That's a $2333.33 cost per person @ 300k residents...more data in link
Wed Jun 27, 2012, 06:34 AM
Jun 2012
http://www.city-data.com/city/Stockton-California.html

Estimated median household income in 2009: $45,730
Estimated per capita income in 2009: $19,369
Median gross rent in 2009: $939
For population 25 years and over in Stockton:

High school or higher: 68.2%
Bachelor's degree or higher: 15.4%
Graduate or professional degree: 4.9%
Unemployed: 12.4%
Mean travel time to work (commute): 27.2 minutes


Read more: http://www.city-data.com/city/Stockton-California.html#ixzz1yzLT535q



nxylas

(6,440 posts)
14. Evidently, the city of Stockton made poor lifestyle choices
Wed Jun 27, 2012, 07:40 AM
Jun 2012

Stockton just needs to get off its ass, learn the value of a hard day's work and quit spending all its money on drink. I'll bet you it has cable TV and a mobile phone, too.

hack89

(39,171 posts)
19. This what happens when you think that property values will always go up
Wed Jun 27, 2012, 03:37 PM
Jun 2012

and you are dependent on property taxes to fund city services.

 

taught_me_patience

(5,477 posts)
21. This retiree is 56 with a $2k/mo pension and free health care?
Wed Jun 27, 2012, 11:45 PM
Jun 2012

COMPLETELY RIDICULOUS! Seriously... this pension is fucking nuts. I can't possibly see how anybody could argue that this can continue.

Heywood J

(2,515 posts)
23. I can't decide if that's sarcasm or not.
Thu Jun 28, 2012, 07:42 AM
Jun 2012

$2,000/month x 12 months/year = $24,000/year. When you're surviving on that for an entire year, paying more for healthcare would be pretty hard.

My father retired at 57, with 37 years into the company he was with. Are you saying that no one should be able to retire until they're 65 or older and have potentially have to put 45 or more years into a company, which then decided to close its plant and lay everyone off before that was even possible?

Completely ridiculous? I can't decide if you're being serious - it's too early in the morning and I haven't had coffee. My apologies if you're not.

BlueIris

(29,135 posts)
24. We have a county in Oregon that is "near" having to do this.
Thu Jun 28, 2012, 08:05 AM
Jun 2012

I write near because if there were a legal mechanism under Oregon law for the county to declare bankruptcy, it would have done it already. It's scary to me that we are at this point.

Latest Discussions»General Discussion»A Chapter 9 bankruptcy by...