McConnell favors letting states file bankruptcy over a bailout. States are currently forbidden. So, what are the plusses and minusses to having states go under?
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He wants them to default on their pension liabilities. You know, the ones for teachers and police and firefighters. Takers, in other words.McConnell favors letting states file bankruptcy over a bailout. States are currently forbidden. So, what are the plusses and minusses to having states go under?
Pension system is broken. It’s literally destroying many cities. A cop can work 20 years and draw a pension for 50 years. Or get sixty years of disability via the pension board for a blown out knee. I’m all for the cops. More than most. But the system needs a massive overhaul in many places.He wants them default on their pension liabilities. You know, the ones for teachers and police and firefighters. Takers, in other words.
I won't argue that point. But Mitch is advocating for gutting them altogether.Pension system is broken. It’s literally destroying many cities. A cop can work 20 years and draw a pension for 50 years. Or get sixty years of disability via the pension board for a blown out knee. I’m all for the cops. More than most. But the system needs a massive overhaul in many places.
Pension system is broken. It’s literally destroying many cities. A cop can work 20 years and draw a pension for 50 years. Or get sixty years of disability via the pension board for a blown out knee. I’m all for the cops. More than most. But the system needs a massive overhaul in many places.
McConnell favors letting states file bankruptcy over a bailout. States are currently forbidden. So, what are the plusses and minusses to having states go under?
Can I buy a distressed state for a couple thousand bucks?
TI won't argue that point. But Mitch is advocating for gutting them altogether.
yeah there has to be protection for those circumstances. As for changing the system I don’t know. Grandfather existing employees and change it for new hires moving forward. I know it’s all a mess. Those pensions are a benefit of the gig that was usually an inducement to even go into that line of work. Hard stuff.Changes are probably important. But what do we do with someonevwhp has worked 35 years and retires in May? Obviously if they completely lose everything, they are totally screwed. How do we change a system to be fair to everyone? My guess is state bankruptcy just leaves a whole lot of people living on social security alone.
The state of confusion is available.
I already own that . . .
McConnell favors letting states file bankruptcy over a bailout. States are currently forbidden. So, what are the plusses and minusses to having states go under?
I am so sorry it’s not for sale, it can however be bought, if you know what I mean. Minimum starting bid is 2 billion equivalent usd in each of the world’s currencies and a fully furnished and stocked private island with accompanying yacht and sail boat oh and don’t forget the armory, details only discussed over secure transmission or face to face, damn forgot the gold dummy don’t forget the gold!!The state of confusion is available.
You must be confused . . . that's a joint tenancy title at best . . . .I already own that . . .
I already own that . . .
I already own that . . .
Wait I own that particular state, please don’t drag the esquires into this my blood pressure escalates to unhealthy levels and I think I should avoid such behaviorI already own that . . .
You must be confused . . . that's a joint tenancy title at best . . . .
Oh well that clears it up then I withdraw my claim of sole ownership seems selfish not share. I was raised right proper doncha know!You must be confused . . . that's a joint tenancy title at best . . . .
So you're saying my deed is a phony?!??!!?
I would like to also report my blood pressure seems just fine currently however due to recent current events this is subject to change without prior notice.Oh well that clears it up then I withdraw my claim of sole ownership seems selfish not share. I was raised right proper doncha know!
Trump did it like 3 times and then became president. It's great.Bumping this, maybe some of our residents who agree with McConnell will explain why bankruptcy is a good idea.
Kentucky is yours for $500. But it comes with Mitch. Plus you have to pay Calipari.Can I buy a distressed state for a couple thousand bucks?
There might be a couple of things that get replaced during the remodel/flip.Kentucky is yours for $500. But it comes with Mitch. Plus you have to pay Calipari.
All the feds can do is allow states to file bankruptcy, probably similar to Chapter 9 which is now available to local governments. Whether bankruptcy actually happens is not within federal authority. A chapter 9 bankruptcy is not "going under" as in a bankruptcy liquidation. Instead it's a forced reorganization or restructuring of debt. That allows, for example, the affected local government to renegotiate onerous contract obligations. You might recall Detroit filed Chapter 9 10 or 15 years ago which allowed it the manage its debt better and return to a sound fiscal base.
Whether a local government can file Chapter 9 is still in control of the states. Local government bankruptcy could be restricted by state constitutions or statutes. State government bankruptcy will also probably require specific legislative action.
Colorado takes a strong view towards the plenary power of all levels of government to make annual budgets. There is judicial precedent in Colorado allowing governments to modify some employee benefit plans through the budget process, since budget setting takes priority. But those cases don't involve pension plans which might be seen differently. Even with strong budget authority, states can't print money.
This pandemic will strain to the breaking point the financial structure of many levels of government. Not only because of the expense of coping, but also because of tax revenue, particularly sales tax, being slashed. I don't think the feds can print enough money to take care of what this pandemic is costing the federal government and to cover state and local problems too. State and local bankruptcy reorganizations seems to be a solution. Reorganizations are a way to spread losses. McConnell has a pretty good idea.
The adoption of the Constitution hinged in part on the Federal government assuming the states' debts incurred during the Revolution. Think the Tea Party would get on board with that?Will not states/local be forced to lay off lots of teachers, police, fire, etc? Is that good?
Pension system is broken. It’s literally destroying many cities. A cop can work 20 years and draw a pension for 50 years. Or get sixty years of disability via the pension board for a blown out knee. I’m all for the cops. More than most. But the system needs a massive overhaul in many places.
Pension system is broken. It’s literally destroying many cities. A cop can work 20 years and draw a pension for 50 years. Or get sixty years of disability via the pension board for a blown out knee. I’m all for the cops. More than most. But the system needs a massive overhaul in many places.
Will not states/local be forced to lay off lots of teachers, police, fire, etc? Is that good?
I saw this coming.He wants them to default on their pension liabilities. You know, the ones for teachers and police and firefighters. Takers, in other words.
Also, I don’t think the feds have the means to pay all of the state and local obligations.
As a stop-gap measure they can but I will pose a question you can apply broadly how are state unemployment benefits supposed to be paid when the businesses that fund the system are closed?? It’s a snake swallowing it’s tail you try and stay away from the head but we are rapidly working are way up the body, metaphorically speaking. That makes sense to me your mileage may vary.The Governors are asking for "at least $500 billion". Roughly the amount the deficit raised per year from Obama's budget to Trump's. We cannot afford $500 billion?
Last week, the bipartisan National Governors Association called on Congress to provide states with “unrestricted fiscal support of at least $500 billion” to avert “significant reductions to critically important services all across this country.”From https://www.google.com/amp/s/nymag....-needs-to-bail-out-states-and-cities-now.html
The Governors are asking for "at least $500 billion". Roughly the amount the deficit raised per year from Obama's budget to Trump's. We cannot afford $500 billion?
Last week, the bipartisan National Governors Association called on Congress to provide states with “unrestricted fiscal support of at least $500 billion” to avert “significant reductions to critically important services all across this country.”From https://www.google.com/amp/s/nymag....-needs-to-bail-out-states-and-cities-now.html
The Governors are asking for "at least $500 billion". Roughly the amount the deficit raised per year from Obama's budget to Trump's. We cannot afford $500 billion?
Gotta love it. COH answers Marvin's question by dismissing his question and posing a completely different one.It's not just $500b. The total federal outlay for the virus is approaching $3 trillion. The question you and @Digression need to ask is if there is an upper limit, and if so where?
Gotta love it. COH answers Marvin's question by dismissing his question and posing a completely different one.
I am tapping out. He did not care in the least when Trump upped deficit spending by $500 billion per year in the middle of an economic expansion. That is when one should not be at all running a larger deficit. But I am certain I can find posts by him saying to pay no attention to those increases, they did not matter.
Now that amount is a crisis. Now it is obvious states easily waste $500 billion a year.
My two recommendations for Colorado, eliminate all bike lanes and paths as we all know those are non essential. And raise licensing for lawyers 1000 fold, no one can name a thing a single lawyer has done to defeat COVID.
Cuomo seems to say the stock market will collapse if states declare bankruptcy. I am not sure about that, but I bet a lot of 401k plans get hammered. I bet a lot of people that moved their money to safety moved to state bonds. I think Cuomo is right, have 4 or 5 big states declare bankruptcy and watch the election. I suspect those people holding state bonds will vote D.
I am tapping out. He did not care in the least when Trump upped deficit spending by $500 billion per year in the middle of an economic expansion. That is when one should not be at all running a larger deficit. But I am certain I can find posts by him saying to pay no attention to those increases, they did not matter.
Now that amount is a crisis. Now it is obvious states easily waste $500 billion a year.
My two recommendations for Colorado, eliminate all bike lanes and paths as we all know those are non essential. And raise licensing for lawyers 1000 fold, no one can name a thing a single lawyer has done to defeat COVID.
Cuomo seems to say the stock market will collapse if states declare bankruptcy. I am not sure about that, but I bet a lot of 401k plans get hammered. I bet a lot of people that moved their money to safety moved to state bonds. I think Cuomo is right, have 4 or 5 big states declare bankruptcy and watch the election. I suspect those people holding state bonds will vote D.
Gotta love it. COH answers Marvin's question by dismissing his question and posing a completely different one.
State bonds blowing up would hammer everyone involved in institutional money management. Like pension funds, insurance companies, bond mutual funds, all the balancing/target retirement funds (and many others I don't know about.) And it would eventually carry over to the stock market.
State bonds blowing up would hammer everyone involved in institutional money management. Like pension funds, insurance companies, bond mutual funds, all the balancing/target retirement funds (and many others I don't know about.) And it would eventually carry over to the stock market.
McConnell was playing politics and calling it the “blue state bailout.” As is typically the case with McConnell, he was being intellectually dishonest.
CUOMO POINTS OUT KENTUCKY GETS MORE FEDERAL FUNDING THAN NEW YORK IN RESPONSE TO MCCONNELL'S BANKRUPTCY COMMENTS
“For years, Kentucky has received more federal funding per capita than at least 45 of its neighboring U.S. states. According to reports from PEW Research Center, it also ranks among the most federally-dependent states in the nation, with federal funds composing at least 38 percent of its annual state revenue. In comparison, New York has contributed billions more in federal taxes than it receives in spending since at least 2016.“
https://www.google.com/amp/s/www.newsweek.com/cuomo-points-out-kentucky-gets-more-federal-funding-new-york-response-mcconnells-bankruptcy-1499906?amp=1
WTF is wrong with you??? Tax cuts pay for themselves, dumbass. Everyone knows that. Sheesh.What’s the upper limit on deficits as related tax cuts?