[flaglady47]

“What you faid to realize is that if the money doesn’t exist, then it doesn’t matter what contractual obligations are owed the public unions.”

What you fail to understand is that many public sector retirement benefits are protected by State Constitutions, thus they MUST find the money to pay retirees, whether it be from general funds, issuing bonds, raising state taxes, etc. Unless you can think of a way to get around a State Constitution, which I doubt you can. Now, if there is no protection constitutionally within a State, then they can go after benefits to their hearts’ content.

[Carling]

It's irrelevant whether or not the pensions are protected by the state constitution. First of all, the WI bill deals with the future, and all previous ‘guarantees’ are not affected by any future laws. Secondly, if there is not money, and if the state is bankrupt, it simply does not matter what the Constitution states, unless you advocate giving the state the right to literally seize assets from the private sector in order to adhere to their public union obligations.

[Carling]

I see from your profile that you work at a major university. From your arguments regarding guarantees, am I going to far to assume that you work at a public university, and have a public pension?