Bankruptcy

Do You Think Voters Are Smart, or Stupid? If Stupid, Bankruptcy Looms for Cities With Unfunded Liabilities!

By Joseph McDaniel, Esq.

I think when voters get decent-quality information, they are able to make decent-quality decisions.

But many disagree with me, and I certainly could be wrong.

And if I'm right, voters will simply vote for politicians who say things like, "This city is broke, and we gotta fix it."

If not, there will come a point when politicians want to pass the buck to a U.S. Bankruptcy Judge to take action that they're too stupid or cowardly to take.

I read an article pointing out that San Diego is considering a bankruptcy.

San Diego is a beautiful city, and I can understand that people thought that there was simply limitless money to throw around to buy votes.

But there ain't.

Governments can't create wealth; they can only take it from one guy and give it to another guy.

But giveaways are great ways to buy votes.

Until the bill comes due.

And I guess the thought among politicians is that they need votes today, so who cares about tomorrow?

So will voters punish politicians who spend like drunken sailors and require our once-great nation to turn into a checkerboard of municipal bankruptcy cases?

Nahhhhhhhhhhh! Never happen.

Just in my dreams.

p.s. is an "unfunded liability" the same as a Ponzi Scheme? Just thinkin'!

NOTHING HERE CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12. FIND AN ARIZONA BANKRUPTCY LAWYER WHO IS BOARD CERTIFIED IN BANKRUPTCY LAW, AV RATED, AVVO 10 RATED, ON SUPERLAWYERS, OR JUST VERY EXPERIENCED AND A FORMER CHAIR OF SOME BANKRUPTCY SECTION OR COMMITTEE. NOTHING HERE MAY BE USED AS LEGAL ADVICE IN CONNECTION WITH ANY BANKRUPTCY, WHETHER THAT BANKRUPTCY IS IN PHOENIX, GLENDALE, TEMPE, MESA, SCOTTSDALE, OR ANYWHERE ELSE.

Full post as published by Arizona Bankruptcy Attorney Blog on June 16, 2010 (boomark / email).