Cagle asked John Cole, the staff cartoonist for the Scranton Times-Tribune , what his thoughts were on the news. Cole went back to November of 2010 and came up with 7 cartoons. Here are two of them.
Daryl writes "A state court sided with the police and fire unions, thus putting Scranton on the hook for tens of millions of dollars to cover back pay and future pay raises. The city hadn?t anywhere near the means to cover the tab. It still doesn't, in fact."
Daryl writes "Around Christmas last year, the state Supreme Court sided with the city's police and fire unions, effectively saying that the state?s recovery plan cannot preempt arbitration or the unions? contracts and ending the city's legal argument. This set the stage for the city?s current financial nightmare."
For background on this story please see Scranton Mayor Slashes All Public Worker Wages to $7.25 per Hour, Including Police, Fire, His Own; City Effectively Bankrupt
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.
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