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Message
McConnell says he favors allowing states to declare bankruptcy
Posted on 4/22/20 at 1:53 pm
Posted on 4/22/20 at 1:53 pm
LINK
quote:
Senate Majority Leader Mitch McConnell said Wednesday he favors allowing states struggling with high public employee pension costs amid the burdens of the pandemic response to declare bankruptcy rather than giving them a federal bailout.
quote:
“I would certainly be in favor of allowing states to use the bankruptcy route,” he said Wednesday in a response to a question on the syndicated Hugh Hewitt radio show. “It’s saved some cities, and there’s no good reason for it not to be available.”
The host cited California, Illinois and Connecticut as states that had given too much to public employee unions, and McConnell said he was reluctant to take on more debt for any rescue.
quote:
His statements set up a conflict with House Speaker Nancy Pelosi, who said on Bloomberg Television Wednesday a “major package” of aid for state and local government will be in the next stimulus legislation considered by Congress.
McConnell may also find himself in conflict with President Donald Trump. The president said Tuesday after meeting with New York Governor Andrew Cuomo that states will need assistance. “And I think most Republicans agree too, and Democrats,” Trump said. “And that’s part of phase four.”
McConnell, a Kentucky Republican, noted he blocked additional state and local aid in the latest relief package, which passed the Senate Tuesday and is set for a vote Thursday in the House.
This post was edited on 4/22/20 at 1:57 pm
11
Posted on 4/22/20 at 1:56 pm to Major Dutch Schaefer
Please let Illinois be the first.
Posted on 4/22/20 at 2:03 pm to Major Dutch Schaefer
I genuinely don't see another way to get some of these places, especially Illinois, out of the hole other than bankruptcy.
Posted on 4/22/20 at 2:09 pm to chity
Let Illinois fo something so I can quit being taxed out the arse. It’s insane.
Posted on 4/22/20 at 2:11 pm to chity
If not Illinois then California.
Posted on 4/22/20 at 2:13 pm to Major Dutch Schaefer
Posted on 4/22/20 at 2:20 pm to Major Dutch Schaefer
Problem is that a lot of Mutual funds hold state and municipal bonds. If states start to bankrupt, you will see a 20% decline on the bond side. Put that with the current stock decline and people will see a 50% drop in even conservative 401Ks.
Posted on 4/22/20 at 2:21 pm to Major Dutch Schaefer
quote:That statement is going to do wonders for all those savers/investors out there who own tax free state bonds.
McConnell says he favors allowing states to declare bankruptcy
Posted on 4/22/20 at 2:25 pm to Major Dutch Schaefer
Federal bailout of state pension debt responsibilities is completely out of line.
So, the citizens of say, South Carolina, can be taxed to pay the debt responsibility of the citizens of Illinois?
How is that not "taxation without representation"?
So, the citizens of say, South Carolina, can be taxed to pay the debt responsibility of the citizens of Illinois?
How is that not "taxation without representation"?
Posted on 4/22/20 at 2:27 pm to Shaun176
quote:Anyone who has a 401(k) account and has muni bonds in their portfolio is an idiot since 401(k) plan assets are tax deferred anyway.
people will see a 50% drop in even conservative 401Ks.
Posted on 4/22/20 at 2:29 pm to Major Dutch Schaefer
Just said on FOX that the Senate will not be rescuing any State or Local Pension Funds.
Posted on 4/22/20 at 2:35 pm to Apollyon
quote:
Federal bailout of state pension debt responsibilities is completely out of line.
I agree, but states defaulting on them should also be out of line. I don't think Louisiana has the ability to do so without a constitutional convention.
Posted on 4/22/20 at 2:37 pm to Major Dutch Schaefer
quote:Can we remove the elected officers and appoint a bankruptcy trustee to run those ... states.
McConnell says he favors allowing states to declare bankruptcy
Posted on 4/22/20 at 2:42 pm to Chillini
quote:
Let Illinois fo something so I can quit being taxed out the arse. It’s insane.
Property tax exempt
Posted on 4/22/20 at 2:43 pm to Major Dutch Schaefer
I'm for it.
I can see the bankruptcy court ordered hierarchy of payments to creditors as such:
First to get paid: all political donations.
Second to get paid: everyone else, get fricked.
I can see the bankruptcy court ordered hierarchy of payments to creditors as such:
First to get paid: all political donations.
Second to get paid: everyone else, get fricked.
Posted on 4/22/20 at 2:50 pm to Major Dutch Schaefer
This is why public jobs should never have been authorized to form unions. Its absurd a union can promise blocks of votes to mayors and governors who decide their compensation packages in return. They cant give big salary increases without backlash so they promise pension benes that will come to fruition long after they leave office and this contract is then used as a measuring stick for all the unions in state.
Some are absurd, like you receive 100% of your highest year of pay as a benchmark for retirement, and the last year on the job you work a boatload of overtime and on triple time Saturdays and holidays.
Some are absurd, like you receive 100% of your highest year of pay as a benchmark for retirement, and the last year on the job you work a boatload of overtime and on triple time Saturdays and holidays.
Posted on 4/22/20 at 2:55 pm to trinidadtiger
New York's problem is their Public Service Unions. Retire at 45yo and make more money in retirement, move to Florida, and live like a king.
Posted on 4/22/20 at 2:57 pm to OchoDedos
Do away with state pensions. Require ALL new employees and those who are currently receiving a state pension to convert to 401ks.
Posted on 4/22/20 at 2:59 pm to Shaun176
quote:
Problem is that a lot of Mutual funds hold state and municipal bonds. If states start to bankrupt, you will see a 20% decline on the bond side.
Posted on 4/22/20 at 3:02 pm to Major Dutch Schaefer
quote:
favors allowing states to declare bankruptcy
This would rein in state spending. Bond buyers will force financial responsibility with a quickness.
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