It begins. More will follow.
Look for govt pension plans to be totally redone and greatly reduced. It’s what is killing many many cities, huge employee pensions that employees hardly have to put anything into, if at all.
Declaring bankruptcy is the only way cities can legally change a govt pension plan.
Heck...all of Oregon is heading that way...
we might see some kind of indexing or maybe a "surcharge" on large pensions, to try to recoup some money back...
PRESENT services will be cut just to keep the retirees fat and happy...
the whole situation is a two way street...workers demanding wages/benefits/pensions that they KNEW in their hearts was nothing more than insanity, and then those that kept buying votes and giving out such largess...