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Old 06-25-2017, 07:38 AM
 
Location: Living rent free in your head
42,754 posts, read 25,988,918 times
Reputation: 33866

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Quote:
Originally Posted by Roadking2003 View Post
Why not?
I already posted the 'why not' but here it is again:

Quote:
The Illinois Supreme Court on Friday rejected changes that legislators made to fix a deeply troubled public pension system, leaving the state where it had started — with a significant budget crisis, a vastly underfunded pension program and no plan in sight.

All seven members of the state’s highest court found that a pension overhaul lawmakers had agreed to almost a year and a half ago violated the Illinois Constitution. The changes would have curtailed future cost-of-living adjustments for workers, raised the age of retirement for some and put a cap on pensions for those with the highest salaries. But under the state Constitution, benefits promised as part of a pension system for public workers “shall not be diminished or impaired.”

“Crisis is not an excuse to abandon the rule of law,” Justice Lloyd A. Karmeier wrote in an opinion. “It is a summons to defend it.”

https://www.nytimes.com/2015/05/09/u...-overhaul.html
Given that, any changes to the constitution would be prospective and would have no impact on the pension plans of retirees or current employees
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Old 06-25-2017, 04:47 PM
 
Location: New Orleans, La. USA
6,354 posts, read 3,637,400 times
Reputation: 2522
Quote:
Originally Posted by Finper View Post
Repubs would love to have a say or (conversation) about alas it's democratic ruled and we can only sit and watch it's destruction
If you like watching a states destruction your better off watching republican states (you'll have to watch California for 20-40+ years, while republicans can destroy a state in less than 10 years.)

Like republican Bobby Jindal just destroying Louisiana by giving huge tax cuts to the wealthy and then turning surpluses into huge deficits. And today Louisiana's abused and abandoned children, emergency rooms, hospitals, and scholarships are in extreme danger (Even the LSU college football program is in danger.)

https://thinkprogress.org/bobby-jind...a-e7c9ececa2a2


And if you like watching an American state get destroyed, then you should be also interested in watching America get destroyed. Just sit and watch Donald Trump. Trump wants to give America's richest 1% HUGE tax cuts, and those tax cuts will add $20.7 trillion dollars to America's national debt in the next 20 years. And clearly America will be much closer to destruction with $20 trillion dollars added to our national debt.

https://www.forbes.com/sites/janetno.../#6752a3b165b9
https://www.forbes.com/sites/beltway.../#1b5351b66554


Perhaps you should stop watching California and instead watch republican governors and Donald Trump (the republicans destroy states/countries so much faster.)
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Old 06-25-2017, 05:06 PM
 
Location: Dallas
31,288 posts, read 20,654,827 times
Reputation: 9324
Quote:
Originally Posted by craigiri View Post
Ah, Breitbart!
Thanks for the quotes. Pensions nationally are underfunded for some very obvious reasons - in a nutshell, it's due to the GW Bush Recession which set the country about 20 years behind and caused investments and interest rates to tank....based on any reasonable forecast.

So what.
You need to explain your vision of nirvana for CA to the investment community. Maybe you can convince them to upgrad CA bonds.
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Old 06-25-2017, 05:11 PM
 
Location: New Orleans, La. USA
6,354 posts, read 3,637,400 times
Reputation: 2522
Quote:
Originally Posted by Roadking2003 View Post
So, when you can't refute the facts, attack the source.
Your posting sources from a corporate funded think tank. That think tank is trying to get environmental deregulation for the corporations that fund it (to increase those corporations profits.) And your think tank source uses manipulation and twisted facts in an attempt to accomplish their environmental deregulation goals.

The following is a copy/paste of the post you are responding to.



Your above source is from the Mercatus Center at George Mason University. It is a corporate think tank who's main goal is getting environmental deregulation for large corporations. And since California has tough environmental regulations this think tank will try to tarnish states like California.
Mercatus Center - SourceWatch

This think tank is funded by Koch industries and pushes for the corporate friendly policies of the Koch network.
Mercatus Center - SourceWatch
https://www.sanders.senate.gov/koch-brothers

The Mercatus Center is known for twisting facts and manipulating information to serve the interests of corporate America. Reports put out by the Mercatus Center are called "laughable."
Koch-Funded Mercatus Center Embarrasses GMU Yet Again with Laughable Report on "Freedom" - Blue Virginia

Last edited by chad3; 06-25-2017 at 05:20 PM..
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Old 06-25-2017, 05:12 PM
 
Location: Dallas
31,288 posts, read 20,654,827 times
Reputation: 9324
Quote:
Originally Posted by 2sleepy View Post
I already posted the 'why not' but here it is again:



Given that, any changes to the constitution would be prospective and would have no impact on the pension plans of retirees or current employees
"But under the state Constitution, benefits promised as part of a pension system for public workers “shall not be diminished or impaired.”"

But they can change the constitution. Problem solved.
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Old 06-25-2017, 05:14 PM
 
Location: Dallas
31,288 posts, read 20,654,827 times
Reputation: 9324
Quote:
Originally Posted by chad3 View Post
If you like watching a states destruction your better off watching republican states (you'll have to watch California for 20-40+ years, while republicans can destroy a state in less than 10 years.)
Who likes watching a states destruction? Not me. Just because you hate states that don't agree with your politics doesn't mean the rest of us do.

But back to the original topic. What will happen when CA and IL go belly up?
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Old 06-25-2017, 05:16 PM
 
Location: Dallas
31,288 posts, read 20,654,827 times
Reputation: 9324
Quote:
Originally Posted by chad3 View Post
Your posting sources from a corporate funded think tank. That think tank is trying to get environmental deregulation for the corporations that fund it (to increase those corporations profits.) And your think tank source uses manipulation and twisted facts in an attempt to accomplish their environmental deregulation goals.
Try again. It's not about environmental deregulation. It's about states with poor financials. And there are lots of other sources for this info including the bond market.
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Old 06-25-2017, 05:24 PM
 
Location: New Orleans, La. USA
6,354 posts, read 3,637,400 times
Reputation: 2522
Quote:
Originally Posted by Roadking2003 View Post
Try again. It's not about environmental deregulation. It's about states with poor financials. And there are lots of other sources for this info including the bond market.
Then you should have posted a source from the bond market (instead of posting a source from a corporate think tank.)
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Old 06-25-2017, 05:34 PM
 
2,333 posts, read 1,478,945 times
Reputation: 922
Quote:
Originally Posted by Roadking2003 View Post
Who likes watching a states destruction? Not me. Just because you hate states that don't agree with your politics doesn't mean the rest of us do.

But back to the original topic. What will happen when CA and IL go belly up?
Agree with that. It's amazing how spiteful people can be just because they don't agree with someone/something (and I mean both sides). I no more wish anything to happen to CA than Texas or any other red state.

What will happen in actuality? I suppose the wealthy (or at least those who were able to build a good nest egg while employed here) and corporations will just move on to a different state. Or investors will see a buying opportunity for investment. Of course if CA tanks then everyone else is probably going to have a big problem too, but... people will find a way.
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Old 06-25-2017, 05:50 PM
 
Location: Living rent free in your head
42,754 posts, read 25,988,918 times
Reputation: 33866
Quote:
Originally Posted by Roadking2003 View Post
"But under the state Constitution, benefits promised as part of a pension system for public workers “shall not be diminished or impaired.”"
But they can change the constitution. Problem solved.
I already addressed that. Do you know what prospective means? They can change the constitution and yes they can change public employees benefits, but they can't do it for current employees or current retirees, only for those yet to be hired.
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