Do you feel the same way about Social Security? If the govt. can no longer make it's payments to us retirees, is your attitude still "screw you, suck it up"???????
LOL!
“Do you feel the same way about Social Security? If the govt. can no longer make it’s payments to us retirees, is your attitude still “screw you, suck it up”???????”
Social Security was “set up” to be a mandatory “insurance plan.” In my situation at least, I have paid into it more than I’ve received from it. But even now, the new SSI checks say “GOVERNMENT BENEFIT” on them! Like Detroit, the Feds will ultimately default on SSI because the way that they have already spent most of the taxpayers contributions, along with “adding unfunded benefits” that have never been accounted for in the funding structure. So, while I will probably manage to get SSI till I die, that won’t be the case for my kids. And if Obama could, he would confiscate SSI and all the IRA money people have and give you a “pension” in return. It’s all a house of cards any way you look at it pal. The world’s governments are all broke, and unless we start curtailing all the myriad of “benefit programs,” we weil go bankrupt.
“As a side note to you bro, which side of the political spectrum lies an attitude that a company or govt. entity should not be held liable for it’s contractual guarantees?”
The problem here is that Detroit is simply unable to meet its contractual obligations. THEY DON’T HAVE THE MONEY, AND THEY DON’T HAVE ANY WAY TO GET IT, unless they steal it. The money that should have funded the Detroit pensions was frittered away over decades. It can’t now be “taken away” from either the city or the retirees, since they don’t have it.
The city also has contractual obligations with many employees, vendors, service providers, etc. It has contractual obligations to pay back the money it has borrowed from many creditors. It can’t do any of those things either.
“Do you feel the same way about Social Security? If the govt. can no longer make it’s payments to us retirees, is your attitude still “screw you, suck it up”???????”
This is a completely different problem, because Social Security is NOT a contract. What we pay into social security, and what we receive as benefits, are completely at the mercy of the congress and president in office at the moment. Congress could vote to completely stop social security payments tomorrow, and if the president signed the law it would be 100% legal. No entity in the universe has a contractual obligation to pay social security benefits.