Largest U.S. city to go Bankrupt so far

lajikal

Registered User
Aug 6, 2009
15,674
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#1
[YT]dUv77v4qyrw[/YT]
 

OccupyWackbag

Registered User
Dec 12, 2011
3,416
188
98
#4
What gave it away, the title of the video?
I'm on a shitty work computer. All I see is a white box where the video should be. I just figured it was California because that state is a great example of what happens when liberals are in charge and that whole state is pretty much going to shit.

But at least they will have a nice new bazillion dollar high speed rail to ferry people between shanty towns.
 

whiskeyguy

PR representative for Drunk Whiskeyguy.
Donator
Jan 12, 2010
36,342
21,949
398
Northern California
#5
Stockton also has the worst unemployment numbers in the entire country. Shit's fucked yo.
 

Neckbeard

I'm Team Piggy!
Donator
Oct 26, 2011
24,894
15,267
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#6
Percentage of Stockton, California, Hispanic or Latino 40.3
Asian Percentage, 21.5 Percent
Black Percentage, 12.2 Percent
Two or More Races, 6.9 Percent

Drumroll Please....
Non-Hispanic White...22.9 percent.
http://quickfacts.census.gov/qfd/states/06/0675000.html

Breakdown of the former largest municipal bankruptcy in America, Birmingham, Alabama...
[TABLE="width: 80%"]
[TR="class: shaded2"]
[TD]Black persons, percent, 2010 (a)
[/TD]
[TD]73.4%
[/TD]
[TD][/TD]
[/TR]
[/TABLE]

It is really easy to blame "liberals" but I don't see Stockholm or Oslo declaring bankruptcy.
 

Konstantin K

Big League Poster
Aug 25, 2010
15,784
3,875
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#7
I'm going to reserve judgement until I hear what Nick Diaz has to say about this.
 
#9
Percentage of Stockton, California, Hispanic or Latino 40.3
Asian Percentage, 21.5 Percent
Black Percentage, 12.2 Percent
Two or More Races, 6.9 Percent

Drumroll Please....
Non-Hispanic White...22.9 percent.
http://quickfacts.census.gov/qfd/states/06/0675000.html

Breakdown of the former largest municipal bankruptcy in America, Birmingham, Alabama...
[TABLE="width: 80%"]
[TR="class: shaded2"]
[TD]Black persons, percent, 2010 (a)
[/TD]
[TD]73.4%
[/TD]
[TD][/TD]
[/TR]
[/TABLE]

It is really easy to blame "liberals" but I don't see Stockholm or Oslo declaring bankruptcy.
Greece says hello.

So does Spain.


By the way, if you want to talk about race and economic performance what you should be looking for is Indians (dots not feathers) and Asians.

Higher earners than whites despite being immigrants.
 

MagicBob

Registered User
Dec 2, 2010
2,171
15
88
#13
meh, what the "its california" brigade doesnt realize is that the city gov. isnt going broke due to any state policies.

Stockton is about as economically depressed as you can get and not be Detroit. Unemployment way high. Housing prices took a MAJOR hit in the last 8-9 years... no on in their right mind would buy a house in the Stockton city limits right now. Businesses leaving. Sales of anything are (cars, gas, food, services, hotels room rentals) are way down. So tax revenues are way down. Calls for service for police and emergency services way up. Even when the housing boom was on there really wasnt a ton of room in city limits to do infill development, so there wasnt a ton of new tax revenue coming in then either. Its been a city on the decline since the late 70's.
 

domelogic

Registered User
Feb 16, 2005
11,350
2,783
631
Center Valley, Pa.
#14
I did not know a city the size of San Diego rid themselves of pensions for all but police and joined the rest of us in a defined 401k. I just cant understand why that isnt mandatory for every contract that uses our tax money.
 

fletcher

Darkness always says hello.
Donator
Feb 20, 2006
59,552
19,736
513
jersey
#15
meh, what the "its california" brigade doesnt realize is that the city gov. isnt going broke due to any state policies.

Stockton is about as economically depressed as you can get and not be Detroit. Unemployment way high. Housing prices took a MAJOR hit in the last 8-9 years... no on in their right mind would buy a house in the Stockton city limits right now. Businesses leaving. Sales of anything are (cars, gas, food, services, hotels room rentals) are way down. So tax revenues are way down. Calls for service for police and emergency services way up. Even when the housing boom was on there really wasnt a ton of room in city limits to do infill development, so there wasnt a ton of new tax revenue coming in then either. Its been a city on the decline since the late 70's.
Its been over a decade since Ive been to Stockton and Ive never been to Detroit Rock City but to compare the two is a bit of an exaggeration.
 

MagicBob

Registered User
Dec 2, 2010
2,171
15
88
#17
Its been over a decade since Ive been to Stockton and Ive never been to Detroit Rock City but to compare the two is a bit of an exaggeration.
ok so its a liiiiiittttle bit of a stretch... but not toooo much. :D Downtown Stockton has been a hellhole for a long time. Its been shuttered store fronts for at least 30 years.

Detroit is a friggin war zone.
 

weeniewawa

it's a man, baby!!!
May 21, 2005
12,076
1,267
593
Hell,California
#18
Stockton is a gang infested dump that should be bombed

nothing good has ever come out of this place.
 

MayrMeninoCrash

Liberal Psycopath
Dec 9, 2004
24,317
8,504
693
Silverdale, WA
#19
Stockton is a shithole. A couple months ago, they had a big grand opening to their new waterfront development and it was marred by a bunch of gangbangers shooting at each other in front of an expensive restaurant. Stockton definitely isn't on the scale of Detroit in size, but it is definitely on par in shittiness.
 
Dec 8, 2004
48,588
20,925
693
Maine
#24
Official News Release:

BANKRUPTCY JUDGE ISSUES RULING ON RETIREE MEDICAL
PREMIUMS
(Stockton, CA) - Chief Bankruptcy Judge Christopher M. Klein, who is overseeing the City’s chapter 9 case, released his decision this afternoon related to an attempt by an organization representing City of Stockton retirees who receive medical benefits to stop the City’s reduction and then elimination of fully-paid medical premiums.

The Judge ruled that he lacks jurisdiction to dictate to the City how it should not spend it revenues while in bankruptcy. The Association of Retired Employees of the City of Stockton (ARECOS) had sought a temporary restraining order and preliminary injunction, asking the Court to order the City to continue to pay the full premiums or, in the alternative, to allow the retirees’ association to be permitted to bring the suit against the City in another court. Judge Klein refused to grant any of the sought after relief, and dismissed the lawsuit. The decision confirms the City’s position that while the bankruptcy court has exclusive jurisdiction over the restructuring of the City’s debt, it cannot direct how the City uses its property and resources, including spending its money, while the bankruptcy case is pending.

The City prepared and submitted a Pendency Plan that acts as the financial operational plan and the budget during the chapter 9 case. Judge Klein’s decision confirms that the bankruptcy court does not have the authority to determine what services are essential to the health and safety of the community.

Throughout the 1990’s, the City of Stockton approved contracts with labor groups that provided life-long, fully-paid medical premiums for a retiree and one dependent. In addition, the City’s health care plan provided generous coverage of services provided. Unfortunately, prior administrations did not fund retiree medical benefits. The City has been paying for retiree medical costs on an annual basis out of the City’s General Fund, which is now insolvent.

Last year, the City restructured its health care plan requiring employees to pay a portion of the monthly premium and a percentage of services provided. Employees and retirees began paying approximately 20 percent of services provided and the health plan covers 80 percent of the costs, which is typical of coverage offered to employees by other public entities and private companies.

Research conducted by the City of other comparable cities, determined that most cities do not offer retiree medical coverage; some cities offer a very modest stipend toward premiums. There are 2,400 City of Stockton retirees; approximately 1,100 retirees participate in the City’s medical plan. The cost of retiree health care this fiscal year would have been $9.2 million, increasing every year and doubling within 10 years.

In the City’s 2012 – 13 bankruptcy financial plan (Pendency Plan), the City is paying a stipend toward the premium for retirees with over 10 years of service during this transitional year, with retirees paying the full premium beginning in July, 2013. Retirees may continue to participate in the City’s plan by paying the monthly premium.

The current monthly medical insurance cost for a retiree and one dependent, is $1,577. The cost for retirees and one dependent over the age of 65 who are eligible for Medicare is $772 per month. While the City is offering a partial payment of the monthly premium during the first year of bankruptcy, some retirees have expressed a concern about affordability of the City’s health care plan. A lower-cost Kaiser Permanente Plan has been made available to current employees, and the City is working with Kaiser to offer a similar plan for retirees by this fall.

For information and documentation related to the City of Stockton bankruptcy, please
visit www.stocktongov.com/chapter9.
 
Dec 8, 2004
48,588
20,925
693
Maine
#25
Oh an from an open letter from the Mayor...

Protecting the City and basic services.

This Council, the members of which inherited the City’s financial problem, has addressed enormous deficits, year after year, and has made significant structural changes, doing everything in its power to avoid bankruptcy. We have addressed over $90 million in deficits during the past 3 years, and were faced with an insurmountable additional $26 million deficit in the current fiscal year that began on July 1, 2012.

The City has reduced Police officers by 25%, Fire department staffing by 30% and all other City employees by 43%. These reductions occurred in a city that has one of the highest crime rates and some of the busiest fire stations in the country. Programs and services have been reduced, workers laid off and furloughed, and other significant reductions made, including closing fire stations and reducing fire staffing on engines and trucks and reducing Police staffing to the point where Police officers frequently can respond only to in-progress crimes where citizens are in immediate danger.
Good luck bro...

http://www.crimemapping.com/map.asp...T,RO,SX,TH,VA,VB,WE&db=8/05/2012&de=8/11/2012