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Wednesday, August 27, 2014

The hens are walking down North Washington Avenue in Scranton

Ever hear the expression "the hens are coming home to roost?"?  Well when it comes to Scranton's financial situation, they are now just a few blocks away from city hall.

This is the end.  There aren't enough assets to sell.  The Auditor General is just confirming what many have been saying all along:  Scranton is functionally bankrupt.

When the pension plans run dry, which they will, retirees who were sold a bill of goods...namely pension benefits that city leaders knew (or should have known) were unsustainable...will take legal action that will lead to a bankruptcy declaration.

Will it happen in 3 years?  I'm not sure.  The city could find something else to sell, or lease back, or hold a hunkering large bake sale for that matter, forestalling the inevitable for a bit longer.  In the end though, the gravity of Scranton's finances, where far more is spent than which is taken in, will force this issue to come to a boil.

Gloom and doom?  Hardly.  More like a reality that successive city mayors and council members have patently ignored for decades.

Mark my words:  this will not end well.

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