It is currently Thu Aug 06, 2020 6:49 am

Post new topic Reply to topic  [ 1 post ] 
 Path Is Sought for States to Escape Debt Burdens 
Author Message
Site Admin
User avatar

Joined: Sun Oct 11, 2009 8:59 am
Posts: 6532
Location: Friendswood, TX
 Path Is Sought for States to Escape Debt Burdens
Thank you frickin' John Cornyn! A$$hole!

Just another assault on state workers folks! Let's blame public employees while Wall Street continues with record profits and record bonuses.

GAH! I hate this! These folks do NOT make even HALF the money Wall Street does and yet the Republicans are trying to dismantle alll the Democratic legislation put into place to try to deal with rampant profits and corruption in the business world.

This just pi$$e$ me off!

Talk about misdirection! Oooh - look there goes a bunny!

Funny - not ONE state - not ONE - has asked for this.

So get ready folks! The next time you have to get your driver's license renewed, a building permit, services for your elderly parent - thank John Cornyn!
:censor :rant :flame

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.

Beyond their short-term budget gaps, some states have deep structural problems, like insolvent pension funds, that are diverting money from essential public services like education and health care. Some members of Congress fear that it is just a matter of time before a state seeks a bailout, say bankruptcy lawyers who have been consulted by Congressional aides.

Read more here:

The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little. - FDR

Fri Jan 21, 2011 7:18 am
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 1 post ] 

Who is online

Users browsing this forum: No registered users and 6 guests

You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Jump to:  
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group.
Designed by Vjacheslav Trushkin for Free Forums/DivisionCore.