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US States may declare bankruptcy - avoid paying pensions

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US States may declare bankruptcy - avoid paying pensions

Postby Charles » Fri Jan 21, 2011 5:13 pm

The US Federal Government is working on a way to let individual US States declare bankruptcy and get out of paying the pensions of retired public workers and also state bonds.

Can't count on much anymore when it comes to the government. Let the members of Congress dump their own cushy pension plans first and see how they like it.

.............



Plans being drawn up to let states declare bankruptcy

Pensioners and investors in state bonds could lose out

By MARY WILLIAMS WALSH
The New York Times
1/21/2011

Policy makers are working behind the scenes to come up with a way to let states declare bankruptcy and get out from under crushing debts, including the pensions they have promised to retired public workers.

Unlike cities, the states are barred from seeking protection in federal bankruptcy court. Any effort to change that status would have to clear high constitutional hurdles because the states are considered sovereign.

But proponents say some states are so burdened that the only feasible way out may be bankruptcy, giving Illinois, for example, the opportunity to do what General Motors did with the federal government’s aid.

Read article here.
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Re: US States may declare bankruptcy - avoid paying pensions

Postby skynet » Fri Jan 21, 2011 8:10 pm

If states are allowed to go bankrupt, this changes everything. Then there is no way people should have to pay back their student loans, or anything at all. Nothing matters at that point. What a disgrace the whole government is. The government is a joke and everyone knows it. I think politics will one day be a thing of the past because people are going to get so damn tired of the endless bulls**t they have to deal with every day.

Hey, what if I'm burdened with debt to? Can I just bail out of any debt? What if every person bailed on their debt? What then? Well, this is nothing new I guess. The bankers have been totally corrupt for a long long time. It seems corruption rules the planet.
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Re: US States may declare bankruptcy - avoid paying pensions

Postby SNAKEBITE » Sun Jan 30, 2011 11:52 pm

The big secret everywhere is that there is no money anywhere..in the world..its gone. now its just being passed around like the groupie whore..and I would have to say a groupie whore has more humanity in her then all of the system that is perpetuating the great lie that we need money to progress and grow...right now, everyone is boring from everyone and like anything the people who actually have industry and produce something people actually need will win...no secret. we let go of work for convenience. Substance for rubber dog s***. Better have solid relationships with good people because thats the new commodity ladies and gents. love goes a long way...imagine that, who would of thunk...
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Re: US States may declare bankruptcy - avoid paying pensions

Postby SNAKEBITE » Mon Jan 31, 2011 12:02 am

Hey Skynet...I hear ya but I want to ammend the words..Corruption is currently running the planet...yes, but Love can take it over..and not trying to be naive, which I do so naturally.lol...but really, human beings participating with each other will keep things evolving..these centralized agencies we put in charge of taking care of us is the problem.
The way we measure prosperity is the problem.
I know you know all this oh too well...just wanted
to continue the thoughts

You know what I hear in conversations with people..is, don't let your internets do your thinking...lol, funny, I like it..but it's kinda ironic..it's like they are saying don't let other perspectives move or influence you...Of course, there is a lot of crap out there. But really, what is the alternative? More crap..printed or on TV? there's good in all things when able to weigh it all. The internet is so important to world wide awareness and change...sure, bad things will always happen. But I believe most people want to do good. Suffering comes from when we believe the corruption so easily just for some paper with pictures of slave owners on them...lol..kinda funny when you think about it...funny sad, but still funny

History will show it doesn't take many to move the many. So have courage to keep doin you..which I know you do...just sayin, maybe to myself even, to keep who I am, speak and live my truth as I see it and let others do the same.
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