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Tuesday, August 2, 2011

An important public service message

To the legion of government employees in Portland:

Before you throw your support behind the candidates who will hand you the fattest retirement benefits, consider what's going on in Rhode Island, where a city just declared bankruptcy. The banks are going to be paid in full, but the government retirees aren't.

If Portland winds up in a bankruptcy -- and it very well could, at rate it's borrowing and spending money on unproductive junk -- the same thing could happen to you. Don't think for a minute that you're going to get your full pension while the Bank of America (which holds tons of Portland bonds) is going to take a haircut. Unfortunately, the United States doesn't work that way.

Comments (11)

I found it interesting that this city has 18,000 residents and $101 million in debt. This is a debt load of $5,611 per resident - about half of that carried by Portland residents. And they're filing for bankruptcy.

...and unions appear to be in denial instead of negotiating glide-path option(s). The light at the end of the tunnel may well be a train.

Don't worry, there'll be some Pollyanna posting that PERS is just fine (albeit with an additional $1.1B contribution from the state this budget period) and Portland still has AAA bonds (all 0.0001% of them).

The idea is to keep cashing the checks, make no changes and let the future take whatever path it will. Very re-assuring. Kinda like the PERS board assuming their money will earn 8% annually in spite of Tbills yielding

And now we know why Sam Adams isn't running for another term. I'll bet good money that he discovered that there's no more money to be pilfered, and that everything will go sour about three or four months after he starts his next term. In that case, why hang around when you can just take a dive and let the next sucker take the hit for the mess?

It's a race: will the country survive long enough for Portland to collapse first?

Hey, but we'll have what others don't... miles of bike lanes and magical streetcars so relax everyone, Portland will be okay! We have lots of brewpubs!

Pensions, law and order, schools, a functioning street grid? Phooey! Let's just build another streetcar.

Any visiting academic breezing through town for a seminar can tell you that as long as we have trains, we're the "City That Works"!

"Central Falls got into trouble, above all, by promising its police and firefighters generous retirement benefits without setting aside enough money to pay for them...."

Enough money? How about ZERO money has been set aside in Portland. Not to mention the additional revenues that are being diverted from the general fund in the name of URAs. How about the many non-profits, education, and government entities relocating to Class A office space: does that release them from the tax rolls?

I just hope Vera and Sam/Rand are still available for interviews after we are forced to layoff half the active duty police force to pay the retirees what they were promised.

The Rats leaving a sinking ship should be a strong warning to everyone. This city is not going be a pretty site in the next 2-3 years. And probably more important, the urban renewal scam is getting way too much sunlight for the rats and rat masters.

Well Mister Tee if you are right, it might be time to buy a semiautomatic and extra clips and stockpile some ammo.

The Dilbert strip comes to mind, where the triangle-head female co-worker reminds Dilbert that his survivalist preparation plan may be strong on food, water, gold and fuel, but is weak on self defense, and she knows where he lives.

In any event, self protection, and the knowledge to know when and when not to use it, and how, is always a good thing.

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