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  • Congress might allow States to file for bankruptcy.

    This means they can default on bonds and pensions. $200 Billion a year on two wars and $11 Billion a year on the F-35, and we can't come up with the money to pay the pensions of those who worked 25 years to earn them. It's a sad day.

    http://www.nytimes.com/2011/01/21/business/economy/21bankruptcy.html?partner=rss&emc=rss

  • #2
    This means they can default on bonds and pensions.


    The whole article made me throw up in mouth a little bit. I really hate what this world is turning into.

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    • #3
      If your only as good as the sum of your parts this should be an indicator as to how great of a job these career morons have been doing.
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      • #4
        Wouldn't be interesting if every American with a pension on the line shut the economy down, just to show Washington who is really their boss.

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        • #5
          Wouldn't be interesting if every American with a pension on the line shut the economy down, just to show Washington who is really their boss.


          They wouldn't have the balls, I'd imagine.

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          • #6
            They wouldn't have the balls, I'd imagine.


            Congress would definitely have to cut back their order of F-35s.

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            • #7
              They wouldn't have the balls, I'd imagine.


              This....in this economy it's too risky. not only would the loss in pay be harmful since many of us are still living paycheck to paycheck, but also, there's many people looking for jobs that would jump right into their place soon as the employer puts the word out....and probably for less money too.

              I know over the last year my employer flat out tells us this every time they nickel and dime us out of something. We're basically told flat out "Don't like it? Fine, we can get someone else who wants to keep there job to do it within 24 hours." No....really....

              I imagine this is going on allover the country right now, and is just a symptom of a much larger problem(s). It shouldn't have to be this way.
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              • #8
                Its not going to happen


                I DO THINK its time to put EVERYTHING on the table to cut and that means Defense, Social Security (raising the age, etc) EVERYTHING - EVERYTHING!! I would start with at least a 5-10% budget cut across the board, this is how it works in the real world and should be in the goverment! If u make 50K or 100K a year and you had a choice between making 45K-90K or losing your job i think you will find a way to make it on 45K!! This is not ****************ing rocket science


                And the ****************ing ****************************s who say "dont touch defense-military" ==== **************** OFF! EVERYTHING IS ON THE TABLE, close some overseas military bases, get rid of a pet project or 2, and send some ****************ing troops home! EVERYTHING ON THE ****************ING TABLE, TIME FOR SOME ADULTS IN THE ROOM!


                That said the pension costs coming up for this country are STAGGERING and UNSUSTAINABLE. From a local level, to a county level, to a state level, to the federal level people are getting sweeheart deals and retiring and getting great pay and medical benefits, these have to be addressed for sure. To continue 2 pay someone for the next 30+ years (2 not work) from taxpayer is KILLING the taxpayers! Nevermind your political rational or ideology, it just is UNSUSTAINABLE as pure numbers, it really is!



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                • #9
                  Heads on spikes people, heads on spikes
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                  Originally Posted by -Assy-


                  Okay I summed up this entire thread in three posts. Let's go home and beat our children.

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                  • #10
                    [QUOTE=Metalman X;41994179]in this economy it's too risky. not only would the loss in pay be harmful since many of us are still living paycheck to paycheck, but also, there's many people looking for jobs that would jump right into their place soon as the employer puts the word out....and probably for less money too.

                    I know over the last year my employer flat out tells us this every time they nickel and dime us out of something. We're basically told flat out "Don't like it? Fine, we can get someone else who wants to keep there job to do it within 24 hours." No....really....QUOTE]

                    There are jobs that are not so easy to replace due to education or legal reasons. Not so easy to replace 100,000 police officers, firefighters, bus or train drivers. These positions require a minimum of 6 months of training.

                    I'm with 1776 that everything is on the table. However pay cuts, pension cuts and Social Security cuts will just hurt the economy worse. These people are the ones keeping the economy alive, not the upper 1% with their fresh round of tax cuts. It is true that people are getting more out of Social Security than they put in and that is unsustainable, in fact it is a Ponzi scheme. However, no politician will piss off the largest most well funded political voting block, senior citizens.

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                    • #11

                      There are jobs that are not so easy to replace due to education or legal reasons. Not so easy to replace 100,000 police officers, firefighters, bus or train drivers. These positions require a minimum of 6 months of training.

                      I'm with 1776 that everything is on the table. However pay cuts, pension cuts and Social Security cuts will just hurt the economy worse. These people are the ones keeping the economy alive, not the upper 1% with their fresh round of tax cuts. It is true that people are getting more out of Social Security than they put in and that is unsustainable, in fact it is a Ponzi scheme. However, no politician will piss off the largest most well funded political voting block, senior citizens.


                      True, all very true indeed.

                      Myself, I'm a tradesman...an electrician to be exact. Something that too, requires a lot of training. Trouble is, there are many electricians out there hungry for work. Many. I'm fairly certain this applies to most of the above fields as well. Except maybe cops and fireman....I can't imagine too many of them have been laid off over the years, at least I HOPE there hasn't been. And I don't think I'd wanna see what would happen if they all went on strike even for a couple of days. They shouldn't have to....like military men, for the jobs they do, these guys should be totally taken care of for life far as I'm concerned. But that would be a perfect world and as we all are all too aware of, this is far from it.

                      And yeah, social security is a ****************ing joke these days. It's one of the major reasons the middle class is dying out, and being ****************ed the hardest. It's primarily our tax dollars that are funding both ends of the spectrum....the poor who by and large leech the system (I'm not saying all do, but lets be honest here about how many actually do...), and the corporate bail outs and such that continue to keep that 1% happy and content in their ivory towers. Meanwhile, guys like me are gonna have to adapt to the taste of Alpo when it comes time to retire, assuming we even live that long.

                      All in all, there's something seriously wrong with this picture.
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                      • #12
                        More short-term thinking.

                        State & Federal governments in the US have enjoyed cheap as hell borrowing for decades. Let even one state default and we'll see those days over & right soon.

                        States are legally barred from bankruptcy for a reason. In the long-term, bankruptcy will cost states MORE money in higher borrowing costs and only buys a little time before their so-called leaders have to do what should have been done a long time ago but they were too weak to face: Cutting spending, raising taxes, and shattering our mass illusion about having to pay for what government does.
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                        • #13
                          After seeing how much my brother made in the army...

                          I'm disgusted. He was a non-combat troop in the green zone getting paid ridiculously well. Bonuses, hazard pay, etc.

                          He got back, was given an office and even more monthly cash since he got married. I'm all for supporting troops but **************** my brother never saw a minute of danger and he just raped them monetarily.

                          The waste and excess in the armed forces is disgusting. **************** the US.

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                          • #14
                            After seeing how much my brother made in the army...

                            I'm disgusted. He was a non-combat troop in the green zone getting paid ridiculously well. Bonuses, hazard pay, etc.

                            He got back, was given an office and even more monthly cash since he got married. I'm all for supporting troops but **************** my brother never saw a minute of danger and he just raped them monetarily.

                            The waste and excess in the armed forces is disgusting. **************** the US.


                            The military has decided that every General needs an entourage of armored cars as impressive as the Presidents. They've also decided that they needed to build a lead enclosed intelligence, computer and war room in every major building. We're talking millions upon millions upon millions in waste.

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                            • #15
                              If u make 50K or 100K a year and you had a choice between making 45K-90K or losing your job i think you will find a way to make it on 45K!! This is not ****************ing rocket science


                              Maybe, but the employees of Harley-Davidson had a situation not long ago where management basically said "Look, we're not making any money. We have to cut some pay, overtime hours, and some other stuff. But, you'll all have jobs. If we can't get to an agreement, we move production overseas and you're all unemployed." About 40% of the entire workforce voted to not accept the offer from the management, essentially saying that they didn't care if they lost their jobs. People get stupid, especially when they think they're being 'protected' by a heavy-handed union.

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