California Dreaming, On Such A Winters Day
Comments (1) 12:45 PM posted by admin |
According to the Wall Street Journal, two more California towns may file for Chapter 9 bankruptcy.
In Rio Vista, these guys can’t handle a $7M budget? And they own more than 100 acres?
In Isleton they are talking about disolving the town? C’mon, already.
Check out the article HERE.
Deprecated: Function previous_post is deprecated since version 2.0.0! Use previous_post_link() instead. in /home/b5ztzahnguoa/public_html/east-cross.com/wp-includes/functions.php on line 5413
« PREVIOUS ARTICLE |
Deprecated: Function next_post is deprecated since version 2.0.0! Use next_post_link() instead. in /home/b5ztzahnguoa/public_html/east-cross.com/wp-includes/functions.php on line 5413
NEXT ARTICLE »
1 Comment »
Deprecated: Function comments_rss_link is deprecated since version 2.5.0! Use post_comments_feed_link() instead. in /home/b5ztzahnguoa/public_html/east-cross.com/wp-includes/functions.php on line 5413
RSS feed for comments on this post.
December 20, 2008 @ 9:34 pm
In reading the article,
“The thought of bankruptcy doesn’t sit well with some residents. “When I first heard the council was considering bankruptcy, I was all for it,” says Howard Lamothe, owner of Foster’s Bighorn restaurant, whose family has lived here for seven generations. “But after I learned about what it means and how it affects business and service, I changed my mind,” he says. “I can’t support that.”
This for a town that had a budget of $7M and only revenue of $5.2M, a 25% drop. Contrast to the automakers and their 40% drop in revenue due to the tightening of the credit markets and everyone says they are mismanaged. Are there any businesses or governmental units that could survive a 40% drop in revenue? And the article talks about the elaborate pensions and benefits of the government employees – where is the indignant outrage and demands for cuts by those workers to balance the budget?