The Growing Financial Crisis in City Governments

   Stockton California is only the beginning, and I am sick of the phrase “cities can no longer pay the benefits”.  The simple fact so many are missing is the cities never COULD afford all the benefits. That is not to say they can’t / couldn’t pay benefits.  It is when they get so out of sync with what is paid in the private sector.

   I dunno what the final result will be, but we are not even talking billions state and local governments can’t cover.  We are talking trillions, with a “T”.  We can not even imagine where we are.  It will change, one way or the other, and it is probably ‘the other’.