The problem with muni bonds will not be solved until public worker's union contracts are voided.
“So should you be freaked out?”
No we should encourage it and do EVERYTHING in our power to see that GOVERNMENT DEBT is REPUDIATED. The very idea that citizens can BORN INTO DEBT laid on them by Politicians WHO ARE NO LONGER IN OFFICE is on it’s face REPUGNANT to everything this country was founded on. We used to call this INVOLUNTARY SERVITUDE.
The simple answer to this problem is as follows:
ALL CONTRACTS and AGREEMENTS SHALL EXPIRE AT THE END OF THE LEGISLATIVE TERM OF THE LEGISLATIVE BODY THAT AUTHORIZED SAID CONTRACTS AND AGREEMENTS.
No Legislative body is bound by the acts of a previous legislative body. One of our oldest SUPREME COURT PRECEDENTS, with that in Mind is not EVERY PUBLIC PENSION CONTRACT and PUBLIC DEBT ISSUANCE NULL AND VOID at the End of the Legislative term that entered into said agreement???
The problem with muni bonds will not be solved until public worker's union contracts are voided.