More like a destination than an exit!

 

Unfunded pensions become unsecured debts in municipal bankruptcy and may be reduced. And the law makes it easier for a bankrupt city to tear up its labor contracts than for a bankrupt company, said James E. Spiotto, head of the bankruptcy practice at Chapman & Cutler in Chicago.   FULL STORY

And on the same note:

Just another example of the profligacy and mismanagement that has left the US economy damaged for years to come.   LINK

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