http://sacramento.cbslocal.com/2011/01/24/treasurer-calif-bankruptcy-not-necessary/SACRAMENTO (CBS13) – State officials are pushing back against a Congressional effort to allow states to file for bankruptcy, saying California can still pay its bills.
Congressional members have been discussing the idea after former House Speaker Newt Gingrich said states would need bankruptcy to renegotiate retirement benefits they can’t afford.
California Treasurer Bill Lockyer said the “pension monster boogeyman” is being blown out of proportion for political purposes, and said bankruptcy is not necessary for struggling states.
snip
This is why you elect democratic candidates to hold public offices. They will not make a class of people (union members and state workers) into scapegoats. Elections do matter.