Discussion in 'Economy' started by KissMy, Apr 28, 2010.
Harrisburg, Pennsylvania, Council Told to Consider Bankruptcy
Cities and counties can still declare bankruptcy in this Horrific Depression. States can not. What Pennsylvania needs to do is transfer much of the state debt to the state capital Harrisburg and THEN have the city declare bankruptcy.
That way a hundred businesses that are owed money by the state can be shafted and they can in turn go bankrupt. Gosh, we can keep this Horrific Depression thing going for the next twenty years at least.
It is high time they start defaulting on government pension funds instead of taking it all out on private business wiping out the private retirement savings.
Government employees are primo in the rating of things. If you work for Uncle Sam, the benefits are guaranteed by the government.
If you work for anything else, including state or city government, nothing is really guaranteed.
Why could states not declare bankruptcy?
They would rather push cities to default on private debt than loose their state guaranteed pensions. Same with the Fed. The federal government will push states to default or print money rather than loose their precious fed backed pension funds. Government fucks up & we pay for it.
Separate names with a comma.