Yeah? How about somebody like me... who receives ABSOLUTELY NOTHING in the way of taxpayer guaranteed pension, nor unemployment benefits... My ONLY retirement is the money I saved for myself. I feel nothing but REVULSION for tit-sucking unionized government emplyees whose retirement is "guaranteed" by taxpayers who themselves may have no retirement benefits themselves. Don't look to me for sympathy... I think you all are just societal parasites... but not your fault, personally, of course.
So lets turn the tables a little bit. So by your argument, are you saying that military does not deserve pension after 20 years either ? B/c its the same thing.
Cities and counties (municipalities) can restructure under Chapter 9 of the Federal Bankruptcy Code. There currently is no such provision for states. No state has ever declared bankruptcy before.
I don't have a problem with government workers having a pension, but I do have a problem with how those pensions were granted. In the state of California, legislators hand out benefits to the unions and then, at election time, the unions deliver money and votes to get the politicians re-elected. The politicians then raise taxes and give more benefits to the unions and then, come election time, the unions deliver money and votes to the politicians... And round-and-round it goes to the point that the state is insolvent. In California, the unfunded pension liability is estimated at between $300B and $500B, depending on whose numbers you look at. By 2030, public employee retirement benefits will consume over 25% of the entire state budget; and by 2055, it's projected to consume over 50% of the entire state budget. The writing is one the wall. In 2010, 193 companies either moved out of California, or moved a significant part of their operations to other states. The latest unemployment numbers show California unemployment at 12.5%. "U6" unemployment is over 20%. Anyone who can do basic math can see that this train is going to run off the tracks.
NOT the same. The military isn't unionized... using their political clout to elect those who will grant them more generous benefits at the public's expense. UNIONS SHOULD BE ABOLISHED... ALL OF THEM.. THEY'RE NOTHING BUT LEGALIZED EXTORTION!!
I'd like to see ALL productive enterprise leave CA...leave all of the social tit-suckers and illegal immigrants to try sucking benefits from a dry teat! Perhaps THEN they'd wake up! Socialism will be the DEATH of America if we don't pull our collective heads OUT OF OUR ASSES!!!! You can't expect/hope for America to thrive/survive if the politicos GIVE AWAY EVERYTHING WE HAVE TO BUY VOTES!!
Muni bonds defaulting would be quite the interesting thing to live through, esp as traders. I sold 'insured' AAA tax-free muni bonds quite a bit as a broker and these were thought to be very safe for your money.
A "guarantee" is only as good as the guarantor. Lots of mortgage instruments were "guaranteed" by Fannie Mae and Freddie Mac... which turned out to be bupkus.