You are right. However, it will not matter as the media shall “explain” the bankruptcy and teach the people now that our old debts are gone we can SPEND!
Yeah but all these pensions are going to be restuctered through the bankruptcy courts and all these union workers are going to find out that this was all a fraud.
In fact when Rahm Emmanuel finally gave into political pressure and gave the teachers unions the contract they wanted. Word is that he said Why not? It’s not worth the paper it’s written on. No matter how you feel about Rahm...he can read a balance sheet he already knows how this is going to play out.