Saturday, November 16, 2013

Another U.S. city mulls bankruptcy due to soaring wages and pensions

Three guesses where this city is located.  Times up.  It's Desert Springs, CA.

"It's obvious we can't continue with salaries and pensions that are in the stratosphere, no matter how much love there is for our police department," said Russell Betts, a council member.

Desert Hot Springs, which is near Palm Springs, filed for bankruptcy in 2001 after losing a multimillion dollar lawsuit and still servicing $9.7 million of bond debt issued to fund its exit from Chapter 9 bankruptcy.

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