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Detroit's Bankruptcy Ruling Could Have a Big Impact in California
The gold-plated promise used to be that a career in government meant a guaranteed safe and sound pension. Yesterday, a federal judge ruled that bankrupt Detroit could cut its municipal pension plans . What will that mean for Vallejo, Stockton and San Bernardino, California cities that have declared bankruptcy?
By Warren Olney • • 1 min readThe gold-plated promise used to be that a career in government meant a guaranteed safe and sound pension. Yesterday, a federal judge ruled that bankrupt Detroit could cut its municipal pension plans. What will that mean for Vallejo, Stockton and San Bernardino, California cities that have declared bankruptcy? Dale Kasler is business and economics reporter at the Sacramento Bee.
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The full episode
2 of 2California Out of the Red, How Will New-Found Riches Be Spent?- 0:00California Out of the Red, How Will New-Found Riches Be Spent?
- 16:43Detroit's Bankruptcy Ruling Could Have a Big Impact in CaliforniaYou’re reading this