Posted on 01/23/2011 10:27:13 PM PST by Nachum
Collapse is sugarcoating it. I have read somewhere that the states are asking the federal government the permission to declare bankruptcy.
As a matter of course, it will enrage liberals.
The problem in this approaching collapse...is that a significant number of California retirees (over 10k)...are drawing $100k or more in retirement. They’ve gotten themselves into the good life and will be absolutely furious when they wake up one morning to realize the state has declared bankruptcy and their pension has collapsed. My guess is that the state will offer up 50 cents on each dollar of their current retirement deal and that might be the best that they can anticipate. These trips to Reno...the fancy BMW...and the $300k RV they keep....might all be history.
Remember that liberals are very generous with other people (and taxpayers) money and not their own!!
Hey all you pensioners. There’s a problem. You know all those Democrats you elected to do all those wonderful things over the past 40 years? In order to do all those things, they spent your pension money.
Ironic, isn’t it?
You’re boned.
8% return on investment. Gravy.
They need such legal cover in order to do so and have bankruptcy trustees revise their obligations! Without the ability to go bankrupt, they are stuck with the sweetheart deals and "pie in the sky" projected pension rates of return that they currently have!
REALITY BITES!
I agree
I’ve thought about this for a bit. And I have come to the conclusion that I think that it would be a good thing if a state of the United States were permitted to claim bankruptcy.
With that being said I do have a few conditions of my own.
1. The State wishing to declare bankruptcy would have to relinquish it’s standing as a ‘state’. It would assume the status of a territory of the United States.
2. It would lose the right to elect Senators and Congressmen to the Federal Congress while under Territory Status.
3. Although the Territory that was formerly a state could elect State Senators and State representatives to their “Territory House” Formerly known as the State Senate and State House of Representatives. They would not be able to elect a Governor. The territory Governor would be appointed from Washington D.C with the Full Congress and Senate passing approval by 66% of the voting members.
4. The Territory would not lose Territory status and Regain Statehood until the Following minimal requirements are met:
A. Territory status will be for a period of not less than 10 years.
B. A Territory must have a positive balance in their ‘books’ for at least two years consecutively.
C. No City or County within the Territory may be or have been in bankruptcy Status for at least 4 years prior to the Act of Reinstatement of Statehood being granted.
D. All Debts and obligations incurred by the former State that brought about the State Bankruptcy must be discharged for a period of 4 years prior to the Act of Reinstatement of Statehood being granted.
If you think about it these conditions are very reasonable. Bankruptcy should have consequences and losing political power and a place at the Federal Hog Trough should be among them.
When I was young, it didn't take me long to realize this. Having "lived in the red" for a while, I know it's very uncomfortable.
When I managed to get out of "the red", I never looked back.
When federal and state governments live in the red they also come to take your possessions away.
ML/NJ
Yep, just like here in the People's Republic of Illinois, which just raised personal income tax 66% and corporate taxes similarly (and where idiot Quinn said it wouldn't affect business).
Affirmative Action assures that NO government employee is ever the best qualified for the job
.
I don't think the best qualified would ever consider working for the government.
ML/NJ
We do have precedence of sorts for what you propose. It was called Reconstruction, passed by Thadeus Stevens and the “Radical Republicans.”
I would go one or two steps more. I’d send in a division of federal investigators, lawyers and armed agents. There’s a bunch of thieving communists who need to be stripped of all assets and thrown in prison.
My husband and I saw our nest eggs disappear under the weight of medical bills and a shrinking 401K account.
At this point, we will never be able to retire or put our kids through college. But then again, I never expected anyone to fund our retirement, let alone fund a lavish retirement.
They, like others, will learn what many of our parents already knew: nothing is guaranteed in this world except death and taxes.
Bookmark
Oh wow that video was a hoot...but also true...FREEP on!
Try medical bills, loss of 401k and your job and health insurance ta boot! It happens more often than most might imagine....... So you adjust, as I suspect you realize. You do whatever is possible to maintain your independance. Let your kids pay their own way...you’ll find out fast if that’s what they really want to do...or learn a trade. What will be important to them, later on, is you being able to maintain your independance thru to a ripe old age....even if your lifestyle has to be drastically altered to do that.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.