Wednesday, February 15, 2012

Bankruptcy gets a bad rap

Surprise! Providence can’t meet its financial obligations.

#For years its mayors, council members and retirement board members were on “benefit steroids.” City workers were granted contracts that a CEO of a major corporation would envy. Many retirees earn double or triple their salaries with lifetime family health coverage. Now the Kleenex is being passed around to state leaders because these profligate spenders sold the city to its unions and political hacks in exchange for re-election or re-appointment. State taxpayers are expected to bail out Providence once again by rewarding the sins of the past. I say “no.”

#I admit that I have little sympathy for the plight of Providence except for current workers, many of whom actually do work, as opposed to their no-show predecessors, for their benefits. Regrettably, they bear the brunt of the sacrifices yet they stood silent while their union bosses gouged the taxpayers. It’s obvious that the politicians in Providence never learn fiscal restraint. In fact, they have learned just the opposite since the state has bailed them out continuously with disproportionate awards of subsidies. It’s time to teach the city a new repertoire. Taxpayers in East Providence and Woonsocket (who have their own troubles) and Lincoln and Warren shouldn’t have to come to the rescue anew.

Read the rest of the article at East Bay RI

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