Go by streetcar, lose your pension
Why Portland City Hall employees' unions continue to support politicians who will spend money on tomfoolery like the Mystery Train to Milwaukie (population 20,291) is beyond us. When those electeds overspend on their pet projects, the unions may find themselves losing their precious retirement checks:
Cities and local governments make lots of promises: to their citizens, workers, vendors and investors. But when the money starts to run out, as it has in Central Falls, some promises prove more binding than others. Bond lawyers have known for decades that it is possible, at least in theory, to put bondholders ahead of pensioners, but no one wanted to try it and risk a backlash on Election Day. Now the poor, taxed-out city of Central Falls is mounting a test case, which other struggling governments may follow if it succeeds.The whole thing is here.