[Dr. Sivana]

This would be the first step in nullifying all existing union contracts and pension plans which can then be renegotiated anew and with a more practical financial and economic sustainability, in other words, having the recipients of these plans pay a lot more into their own pensions (at least 50% minimum).

With the exception of possibly Michigan, none of these states are nearly ready to take the steps you describe. These states would simply stiff business creditors, raise taxes and keep the union deals intact (see GM bankruptcy).

[hal ogen]

Should a state declare bankruptcy, it will be interesting watching all the “I’m retired with a great pension and health benefits in my early 50’s...aren’t you?” crowd howl and gnash-about. Their smug snooty-obliviousness has been a bit much.