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Rhode island city files bankruptcy, voids public worker contracts

The city said municipal workers must now pay 20% of their medical coverage and that everything was done to avoid this day but the unions wouldn’t budge.

Mish

Central Falls was bankrupt years ago and I said so repeatedly. The costs on taxpayers to delay this bankruptcy have been severe.

Once states realize that bankruptcy is not tantamount to statewide Armageddon, there will be a flood of city bankruptcies.

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