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Posted by
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Turtle shitting on using money to bail out state pensions
Posted by udtiger on 4/22/20 at 11:23 am521
LINK
and for heavily scrutinizing any state assistance funding measures
and for heavily scrutinizing any state assistance funding measures
quote:
“My guess is their first choice would be for the federal government to borrow money from future generations to send it down to them now so they don’t have to do that,” he said. “That’s not something I’m going to be in favor of.”
“I said yesterday we’re going to push the pause button here, because I think this whole business of additional assistance for state and local governments needs to be thoroughly evaluated,” McConnell added.
“You raised yourself the important issue of what states have done, many of them have done to themselves with their pension programs,” he said. “There’s not going to be any desire on the Republican side to bail out state pensions by borrowing money from future generations.”
re: Turtle shitting on using money to bail out state pensionsPosted by BuckyCheese on 4/22/20 at 11:24 am to udtiger
Illinois fukt.
re: Turtle shitting on using money to bail out state pensionsPosted by Manzielathon on 4/22/20 at 11:25 am to udtiger
quote:
Republicans ... borrowing money from future generations
Lmao, okay. I’m glad he’s not supporting this but let’s not pretend like Republicans don’t do this shite all the time alongside the Democrats.
re: Turtle shitting on using money to bail out state pensionsPosted by Redleg Guy on 4/22/20 at 11:27 am to The Maj
His line right before that quote is
Not sure we need states going into bankruptcy for the health of the nation. Especially since the rich liberal states would shite even more on the poor southern states.
quote:
I would certainly be in favor of allowing states to use the bankruptcy route
Not sure we need states going into bankruptcy for the health of the nation. Especially since the rich liberal states would shite even more on the poor southern states.
quote:
Good...
Agree
quote:
Past time for States to get their pension shite figured out, without Federal assistance
They won't; nor can they afford it. The states have negotiated so many horrible deals with different unions it's unreal. Rumors are that our true debt including these pensions is close to $120T.
re: Turtle shitting on using money to bail out state pensionsPosted by cave canem on 4/22/20 at 11:28 am to udtiger
Bailing out states is a deadline that should never be crossed by FedGov, if it is we need to just throw in the towel and abolish the states altogether.
re: Turtle shitting on using money to bail out state pensionsPosted by wutangfinancial on 4/22/20 at 11:34 am to Wtodd
quote:
Rumors are that our true debt including these pensions is close to $120T.
It's not a rumor. It's off balance sheet liabilities and they are real. That $120T figure hasn't been updated because it's the most common number you've seen for years on the estimated unfunded liabilites.
Oh, and this is inevitable just like the debt monetization occuring right now through the Fed and Treasury was after 2008's monetary stimulus.
This post was edited on 4/22 at 11:35 am
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re: Turtle shitting on using money to bail out state pensionsPosted by Taxing Authority on 4/22/20 at 11:35 am to Redleg Guy
quote:It makes a ton of sense. Illinois and Chicago made assinine deals with public service unions on these pensions that could never possibly be sustained. Those states will NEVER be healthy with those kind of resource and capital drains on their economies. Illinois has already discovered--they can't tax enough to make this work.
Not sure we need states going into bankruptcy for the health of the nation.
Bankruptcy would let the states out of those unreasonable plans and let them come back to some sensible financial and economic health.
Shifting the crazy onto the federal taxpayers is about the worst think that could be done. Why infect other states with Illinois' stupidity? They need to be "social distanced".
re: Turtle shitting on using money to bail out state pensionsPosted by WPBTiger on 4/22/20 at 11:46 am to Taxing Authority
re: Turtle shitting on using money to bail out state pensionsPosted by Dawgfanman on 4/22/20 at 11:49 am to Taxing Authority
quote:
It makes a ton of sense. Illinois and Chicago made assinine deals with public service unions on these pensions that could never possibly be sustained. Those states will NEVER be healthy with those kind of resource and capital drains on their economies. Illinois has already discovered--they can't tax enough to make this work. Bankruptcy would let the states out of those unreasonable plans and let them come back to some sensible financial and economic health. Shifting the crazy onto the federal taxpayers is about the worst think that could be done. Why infect other states with Illinois' stupidity? They need to be "social distanced".
Should fed gov be able to go bankrupt to avoid future liabilities, like social security or military pensions?
re: Turtle shitting on using money to bail out state pensionsPosted by The Maj on 4/22/20 at 11:50 am to Redleg Guy
quote:
Not sure we need states going into bankruptcy for the health of the nation.
Sure we do. Several States will never get out from under the crap deals they negotiated on pensions AND throwing Federal money at it will not solve the problem...
re: Turtle shitting on using money to bail out state pensionsPosted by Taxing Authority on 4/22/20 at 11:50 am to Dawgfanman
quote:It's going to happen. What cannot be paid will not be paid. You can do it in a structured manner or in chaos.
Should fed gov be able to go bankrupt to avoid future liabilities, like social security or military pensions?
re: Turtle shitting on using money to bail out state pensionsPosted by hogcard1964 on 4/22/20 at 11:50 am to udtiger
Yea, screw retirees!
re: Turtle shitting on using money to bail out state pensionsPosted by cave canem on 4/22/20 at 11:50 am to Taxing Authority
quote:
Bankruptcy would let the states out of those unreasonable plans and let them come back to some sensible financial and economic health.
I highly doubt they would willingly restructure the plans that are killing them, they just want to give bondholders a haircut and continue business as usual kicking the can just a bit further down the road.
re: Turtle shitting on using money to bail out state pensionsPosted by Taxing Authority on 4/22/20 at 11:53 am to hogcard1964
quote:If you had a look at the deals those "retirees" got, you'd realize they are doing the screwing.
Yea, screw retirees!
re: Turtle shitting on using money to bail out state pensionsPosted by Taxing Authority on 4/22/20 at 11:55 am to cave canem
quote:That's what bankruptcy is for. Most creditors don't willingly take $0.10 on the dollar in bankruptcy court either.
I highly doubt they would willingly restructure the plans that are killing them
quote:They already tried that.
they just want to give bondholders a haircut and continue business as usual kicking the can just a bit further down the road.
re: Turtle shitting on using money to bail out state pensionsPosted by Tiguar on 4/22/20 at 11:55 am to Taxing Authority
quote:
If you had a look at the deals those "retirees" got, you'd realize they are doing the screwing.
state pensions like these are a big reason boomer memes exist
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