Going Bankrupt Might Be Our Salvation

I agree that if the City of Toronto went bankrupt then hard decisions would have to be made when it comes to unions, jobs for life, catering to social in-activists, service cuts, etc. A lot of people will have a problem dealing with the pain but those that come after us will gain the benefits.

Toronto's tax fury is roaring
Last chance to voice your outrage against new 'revenue tools' is tomorrow in Scarborough
By SUE-ANN LEVY

North York resident Michael Gazer would almost welcome this debt-ridden city going bankrupt.

At least then, says the management consultant, city officials would be forced to restructure, clean out the deadwood and come back stronger.

"They'd shed the fat and legacy costs and run it (the city) properly," Gazer told a packed house at the city's North York tax consultation session last Thursday night.

Management consultant Ron Morgenthal said he finds "blatant mismanagement" by a council that doesn't "give a damn."

He pointed out finance officials' claims that they've saved $90-million this year on a $7.8-billion budget amounts to about 1.1% -- which is merely an "accounting error."

No pain no gain.....