from Financial Survival Network
John Rubino sasys that the people running states like New Jersey, and cities like Chicago know that they’re broke. Ridiculously generous public employee pensions – concocted by elected officials and union leaders who understood that they were writing checks their taxpayers couldn’t cover – are bleeding them dry, with no political solution in sight.
They also know that they have only two possible outs: bankruptcy, or some form of federal bailout. Since the former means a disgraceful end to local political careers while the latter requires some kind of massive crisis to push Washington into a place where a multi-trillion dollar state/city bailout is the least bad option, it’s safe to assume that mayors and governors – along with public sector union leaders – have been hoping for such a crisis to save their bacon.
And this year, they got their wish.
Click Here to Listen to the Audio
Sign up (on the right side) for the instant free Financial Survival Toolkit and free weekly newsletter.
from Kerry Lutz Podcasts – Financial Survival Network https://ift.tt/3ft7bfW
