In 2011, 70% of property taxes will go towards pensions.

http://herald-review.com/news/local/article_7950f4d4-d789-50b4-987b-ef8b58f7080d.html

Perhaps they just will not sell at all. I will not buy bonds from Democrat run cities. Get your $$ from Soros and Hollyweird.

Biggest legislative priorities in the upcoming congress is a bill that creates bankruptcy provisions for states, municipalities, and most likely pension funds like these.

We are going to send the message to Dems that we are not bailing out Blue states, blue cities, and stupid government decisions. They either sign onto bankruptcy provisions for these bodies or they will be in legal limbo when the day comes.

It is another example, of something they will be forced to sign onto.

Starve them, fat cats, guaranteed employment, pensions like no other.
Civil Service really has changed, it comes with corruption.

75% of the NJ budget. They haven’t yet, but they surely soon will, as the state cannot even afford to make its contribution toward pensions and balance the budget, as required by the NJ Constitution.

And I want to dispel a misconception that all public pensions are “free” to retired public employees. In NJ, police, fire, and teachers employers (townships or boards of ed) contribute 1/3 to the pension fund per employee, each employee contributes 1/3 to his/her own pension, and the state is SUPPOSED to contribute another 1/3. Since the dot-com collapse of the stock market and big losses to the pension funds, the state has not maintained its obligation to contribute its share.

Also, in NJ, maybe not in NY State, retired teachers, police, and fire pay state and federal taxes on their pensions.

Is that with a Republican H of R, there will be no federal bailouts of states that are in danger of default, like Illinois and California.

Had the Dems retained control of both houses, I think it would be a foregone coclusion that would have happened.

You gotta give credit to those Republican bomb-throwers and hostage-takers. They sure know how to craft and advance a tax package that 70% of American voters love … while improving YOUR poll ratings.

states can’t “print” their own money, so you can’t just keep kicking this can down the road like you can with federal entitlements. There is at least a semblance of accountability with state budgets.

It WILL come to a head, and quickly, the question is, how will all of this go down?

Don’t think for a minute that Unions and Democrats are going to be proactive about getting their fiscal house in order, they won’t accept a single cut, it’s going to have to explode first.

are in deep “Blue” states. The rest of the country is in no mood to bail out their excessive public pensions, which are in so many cases laughably generous.

Like federal action to “bail out” most industries, it at best could postpone the day of reckoning, but that day cannot be avoided eventually for all.

is proposing that all state workers contribute 5% toward their pension plans. I believe that he had already required that all state workers had to contribute something like 2% toward their medical insurance. There was a surplus in the budget this year, and the Gov. promised the state workers a 3% Christmas bonus out of the surplus. The pension funds were not funded, and that is why there was as much of a surplus. He said the bonus was in lieu of getting raises this year, and next year. Then he announced the 5% contribution requirements. It works out that the state workers will actually be getting a 2% decrease in their pay. There were also cuts in education funding, and some teachers had to be laid off. He also laid off about 1,200 state workers, and is not done yet. I believe I have the above correct, if not, someone can correct me. I suspect that he will soon be hated by the leeches as much as Chris Christie is hated by his leeches.

I recently saw David Walker, former US Comptroller General, current President and CEO of the Peter G. Peterson Foundation, give a talk (televised on CSPAN) to the Chamber of Commerce which gave an overview of exactly how dire the situation is.

Here’s the to the broadcast; it’s 39 minutes well spent:

http://www.c-spanvideo.org/program/294838-1

In my mind, agenda item number one for the new GOP House should be to act proactively to assure that a federal bailout of the states is off of the table altogether.

-exits

Given many, a lot, of public employees can retire early, in their mid to late 40′s in some cases, these same individuals are allowed to re-enter the government work force again this time in the pursuit of a second pension. This is not double dipping, it is gluttony. Given the degree of waste, fraud and corruption committed over the decades by these people, the prospect of it collapsing is a prospect I look forward to optimistically. I say let these structures collapse. We know where they will fall and like felling a tree, once you see the trunk sway, stand back.

ALL liberalism is a ponzi scheme.

cannot trot out the old “Too BIG to Fail” mantra with respect to CA and other large states in order to demand a bailout. You know how it will go, “CA has the world’s fifth largest economy” (or whatever) and if it fails, Johnnie McSwaymore, a cotton picker in Alabama and his family of nine, will lose their jobs and go on the poverty rolls, creating yet another burden, etc, etc, blah, blah…”

And, since I’m not a “financial guy” either, please explain how we will stop the feds from closing down popular programs for working people, like subsidized college loans (from private banks), the Natl Park Service and the VA, while leaving intact the vile NPR, CPB, Dept of Ed, etc, etc.

We’ve all seen it play out at the local level. Say the populace of a certain city is so stubborn as to balk at more tax hikes for local schools. Do the local schools then dutifully get rid of expensive but hardly necessary middle mgt and other support type people? Of course not. The first thing they holla that must go is the football program, followed by the band, then the special science charter schools, etc, etc…well, you get the idea.

The federal unions will seek revenge on an “ungrateful” electorate by cutting out passport services and public parks, while triple dippers and others with an insider’s familiarity with the gubmint continue to prosper. Please explain….