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poll: Should Providence Declare Bankruptcy? Take the GoLocal Poll

Friday, February 10, 2012

GoLocalProv News Team

Should Providence Declare Bankruptcy?

5813 vote - Yes, the costs of contracts are too expensive - the COLAs, the healthcare costs - the City needs a fresh start
910 vote - No, the PR hit would be crushing. The City needs to cut spending and work its way out.

The City of Providence is close to bankruptcy. The Mayor is asking retirees and the non-profits to step up with millions. At the same time, certain pensioners are receiving 6% annual COLAs and a recent GoLocal investigation found that the Mayor's security detail costs taxpayers more than $500,000 a year.

Now, there is a choice: should the City of Providence take the public relations hit and clean house of the contracts and obligations and declare Chapter 11 Bankruptcy? Or should the City fight through this financial mess seeking more and more concessions from city employees, retirees, and the non-profits?

Should the City of Providence declare bankruptcy?

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Comments:

john paycheck

11:33am on Friday, February 10, 2012

will soomeone please tell us all the downside of what happens if providence files bankruptcy?

i dont see any except for the stigma to the city and politicians.

but you can overcome all of that in time.

pearl fanch

9:38am on Saturday, February 11, 2012

The unions will NEVER give up their ridiculous contracts.
The non profits won't pay more.
If going bankrupt relieves the city from their union contract obligations, then by all means.....file for bankruptcy.

There are hundreds of ways to avoid getting back into this mess after the bankruptcy, but I'm sure these same thick headed politicians will get us back there within a couple years. They just can't help themselves.

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