by Wendy McElroy, Dollar Vigilante:
Who knew Detroit is the lucky one by being forced into Chapter 9 bankruptcy?
The majority of Scranton, Pennsylvania’s remaining 76,000 residents want to declare Chapter 9, and they want it yesterday. Bob Quinn, president of the Scranton and Lackawanna County Taxpayers Association explains, “The silent majority would like to see bankruptcy. Basically, it’s down to a point where people cannot afford to pay the taxes and are moving out of town.”
In a Reuters article (August 23, 2013), financial analyst Cate Long explained a key reason taxpayers were fleeing Scranton. The city’s unfunded “pension benefit obligation…is $113 million, or more than a full year of revenues….This is coupled with $21 million of accrued worker’s compensation claims, $177 million in long term debt and $225 million of unfunded future retiree health care costs. This adds up to about $536 million of future liabilities…”
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