Federal Bankruptcy Court Lets Stockton, California Cut Retiree Health Care Benefits; Flood of City Bankruptcies Coming

This is a good start for what needs to happen. The next step needs to be huge clawbacks on promised benefits, preferably top down, so that those with the highest pension benefits bear the brunt of the hit.

As soon as cities realize this is the way out, a flood of bankruptcies will be on the way.

Source: http://ml-implode.com/staticnews/2012-07-29_FederalBankruptcyCourtLetsStocktonCaliforniaCutRetireeHealthCare.html

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