Pensioins and bonds.

Dead beat cities are discovering that they can go into Chapter 9 bankruptcy and get to write the conditions of how to survive the affair. The cities choose to default on their bonds and do so with the aid of Judges. Here are the four bankruptcies that had gone to these courts and what happened:

In each case the bondholders took huge haircuts while pensioners kept their pensions. This does not happen  by chance. The Liberals running these cities want to bankrupt the bondholders until the Federal govt will be left holding the bag for pensions as they do in Europe. Obamacare is organized for the same reason: eventually all the insurers will go bankrupt and the Federal govt will inherit the same thing. The problem is that "our" govt will run out of money as is haoppening in Europe.