Discussion in 'Politics' started by Annie, Jul 17, 2010.
Obamaland Pension Meltdown Update - Exchequer - National Review Online
Thanks for trashing my weekend. Oof.
I expect the Obama Administration to "quitely" Guarantee the 10 Billion or so in Bonds Illinois will issue to cover its Pension Obligations.
Issuing Debt to cover a shortfall caused by Deficit (debt) spending.
Thereby putting Joe Sixpack and Mary Valium out in Flyover Amerika on the hook for Rahm and Barry's "Bailout" of their home state.
Ain't Gubmit math fun.
What a fine American you are to rejoice at the possible failure of a state.
Of course, it's obvious, Cons are willing to see America fail to make Obama look bad.
It has become the cause de jure to blame the economic crisis in state and local government on public employees. But what if the issue goes much deeper, and what if what is happening today was an intentional act?
For those who don't know, it would be wise to take a google ride and read about the Wednesday Night meetings of the "Americans for Tax Reform" and their leader (and possibly the leader of the entire Republican Party and even Boss Limbaugh) Grover Norquist.
Mr. Norquist known for his desire to drown the Federal Government in a bathtub must be delighted in the misery that many Americans are experiencing.
"I don't want to abolish government. I simply want to reduce it to the size where I can drag it into the bathroom and drown it in the bathtub."
Where in the US Constitution does it say that Pepe and his missus down here in Tennessee are expected to "Reward" the Failure of Illinois' Polytickers?
Are you truly that dense?
Illinois always has the Option to repudiate any and all Debt and cannot be sued as a result.
8th Grade Civics.
Did your mother have any children that survived?
For years the 'blue' states folks have talked about 'who pays the most taxes?' Those of us living in those states have complained to no avail at the reckless spending, salaries, corruption, pensions, and make work programs while the state crumbles from infrastructure out.
While the majority of states are in trouble, they are dominated by the already heavily taxed blue states and both the states and Fed are going to be knocking, loudly:
EconomicPolicyJournal.com: 32 States Have Borrowed from the Federal Government to Make Unemployment Payments; California Has Borrowed $7 Billion
Here's the list of over a billion, $2B and more I've highlighted in red.
This kind of thing is unsustainable. I would not buy a state of Illinois bond under the current conditions. I am surprised they are able to sell them.
Illinois, NY and CA are like the guy with 10 credit cards juggling the cards to make his payments. It is a disaster when the whole house of cards comes down.
Underfunded pensions are an albatross in most every state. Oregon's plan threatens to eat the state sooner or later. There is a mandated 8% annual return on the funds in the plan, and the plan's actuarial schedule is in fantasy land.
This is a huge problem and just saying "republicans are evil" will not make it go away.
No need to fret I've just concluded a deal sell Illinois to China ... after all the Chinese just LOVE owning worthless American Debt.
P.S. Sorry folks they wouldn't take President Obama as part of the deal apparently he's too far to the left for the Chicomms to handle :shrug:
You would have a point if most states were not in trouble. But keep pedaling the partisan bullshit.
Separate names with a comma.