It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Thank you.
Some features of ATS will be disabled while you continue to use an ad-blocker.
(visit the link for the full news article)
Policy makers are working behind the scenes to come up with a way to let states declare bankruptcy and get out from under crushing debts, including the pensions they have promised to retired public workers.
Stephen Crowley/The New York Times
Senator John Cornyn asked this month whether Congress should consider establishing a bankruptcy procedure for states.
Originally posted by Arbitrageur
reply to post by alchemist2012
It mentions the pensions for retired workers. I wonder if the state controllers and accountants really do a good job accounting for what hiring a new employee is going to cost the state when the pension is taken into account? I'm sure they accurately account for current pensions being paid out, but do they carry on their books the liability they occur for future pension payments as they accrue? And if not is this an accounting blunder that partially explains the crisis? I don't know, but I always see these pensions mentioned like in this article as if they are some huge unexpected burden.
Originally posted by Americanist
reply to post by Fractured.Facade
I'd be a rich man, if you paid me for your usage of liberal... I think your facade has become a smoke screen. You've lost sight of a few factors. Take trickle down economics for starters. It only took a decade of deregulations to start wrenching down the leak. Where does that money go? 12 cents on every dollar is locked up with the top level 1/10th of 1 percent. Now what were you saying about social unity? I didn't quite catch that!
Open Fort Knox... sell off gold like they did in the early eighties... Voila!!! Debt gone and the rich gold investors wiped out overnight
Originally posted by Fractured.Facade
Originally posted by Americanist
reply to post by Fractured.Facade
I'd be a rich man, if you paid me for your usage of liberal... I think your facade has become a smoke screen. You've lost sight of a few factors. Take trickle down economics for starters. It only took a decade of deregulations to start wrenching down the leak. Where does that money go? 12 cents on every dollar is locked up with the top level 1/10th of 1 percent. Now what were you saying about social unity? I didn't quite catch that!
So, what is this then?
Trickle down debt?
Originally posted by Chakotay
Stop wasting money putting people in prison and jail for so-called "crimes".
Put them to WORK making infrastructure that reduces the debt and restores American Power.