Miami may be the first major city to declare bankruptcy

If you were wondering which major America city would be first to declare bankruptcy, Miami is looking like a pretty strong bet.

Miami Declared a Financial State of Emergency. Miami is in a disastrous financial state because of unions. Bankruptcy would be the best solution. A bankruptcy agreement could dissolve the unions and all their agreements. Unions, not taxpayers should suffer the consequences of this mess.

Bloomberg reports Miami Declares ‘Financial Urgency’ as It Moves to Cut Worker Pay, Benefits

Miami, facing a $61 million fiscal 2012 deficit, declared a state of “financial urgency” for a second straight year, moving toward wage and benefit cuts.

The declaration gives unions for municipal workers two weeks to agree to contracts for the year that starts in October or be subject to actions imposed by the City Commission. Workers including police and firefighters absorbed about $80 million in reduced pay, health insurance and pensions in fiscal 2011.

“In order to balance the budget, sacrifices have to be made by everyone,” Pat Santangelo, a spokesman for Mayor Tomas Regalado, said today by telephone. The city is the state’s second-largest by population, after Jacksonville.

Miami is bankrupt. Unfortunately the city refuses to admit it.

In an enormously foolhardy attempt to make ends meet, in spite of the fact that Miami home prices have been hammered and 1-in-8 are unemployed, the County keeps pouring on the painful tax and fee increases.