Exactly what U.S. Cities Can Discover From Puerto Rico’s Crisis

Wherever there’s a spending plan crisis, from Detroit to Chicago to Ca to Puerto Rico and beyond, communities aren’t simply losing general public solutions. City employees also have salaries cut or frozen, wear furlough, or let go entirely. For unions, which nevertheless represent around 35 per cent of general public sector workers, spending plan crises may be a big threat that is existential.

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Into the aftermath of this 2008-2009 foreclosure crisis, Saqib Bhatti ended up being considering the origins of spending plan crises as a researcher when it comes to Service Employees International Union (SEIU). “Members was seriously relying on the financial meltdown both he says because they directly in many cases were losing their homes or having their hours cut because cities and states were facing severe budget crises.

Bhatti states he started taking a look at the ways that Wall Street both helped cause the property foreclosure crisis by peddling predatory loans, “and then ways that Wall Street ended up being then in a position to furthermore make cash down spending plan crises by swooping in with predatory deals to try and assist towns make ends fulfill.”

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