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Proponents of the measure — which include Americans for Tax Reform, a Washington lobby group that fights tax increases — said the legislation is desperately needed to clear the way for struggling states to slash costs before they go belly up, and should be regarded as a preemptive move that could preclude the need for massive federal bailouts.
In my opinion, that point of view and line of reasoning can be considered advocating for fiscal irresponsibility; and lessens any confidence in the sincerity of those of the point of view that it was republicans under a democratic administration that the republicans were for more fiscal responsibility, rather than less fiscal responsibility.
It would also violate Article 1, Section 10 of our federal Constitution regarding any impairment in the Obligation of Contracts. Why is it mainly those on the "right" that advocate being repugnant to our own supreme Law of the Land; as a moral and ethic?
Our Founding Fathers did an excellent job at the convention, with our Constitution; they even provided a specifically enumerated general power to pay the Debts of any of the several United States providing for their general welfare.
Gingrich Proposes Allowing State Bankruptcies, To Escape Pension Obligations
Interesting he is willing to go after negotiated pensions of states, how about the pensions of US Congressmen.
"As a way to let state governments, and taxpayers, off the hook for paying the trillions in pension benefits they have promised to their workers, presidential hopeful and former House Speaker Newt Gingrich has proposed changing federal laws, so that states can go bankrupt. True, state pension plans"
I could get behind this, so long as it applied to ALL of that given state's government employees' pensions, including their former Congressmen (and their spouses - I read somewhere that even their spouses qualify for pension benefits).
Interesting he is willing to go after negotiated pensions of states, how about the pensions of US Congressmen.
"As a way to let state governments, and taxpayers, off the hook for paying the trillions in pension benefits they have promised to their workers, presidential hopeful and former House Speaker Newt Gingrich has proposed changing federal laws, so that states can go bankrupt. True, state pension plans"
I could get behind this, so long as it applied to ALL of that given state's government employees' pensions, including their former Congressmen (and their spouses - I read somewhere that even their spouses qualify for pension benefits).
I agree. Individuals can declare bankruptcy and states should be able too as well --but it will come with a huge hit to their credit rating which means it will be much harder for them to borrow money in the future. Actually, now that I think about it, that's a good thing too.
GM should have been allowed to go bankrupt as well to let them esacape their onerous pensions and be able to really compete with foreign car companies.
I agree. Individuals can declare bankruptcy and states should be able too as well --but it will come with a huge hit to their credit rating which means it will be much harder for them to borrow money in the future. Actually, now that I think about it, that's a good thing too.
GM should have been allowed to go bankrupt as well to let them esacape their onerous pensions and be able to really compete with foreign car companies.
Good point and the actually the theme of the last few years, do we need to continueto support bad decisions for adults avoiding the consequences? If you don't get punished for your mistakes then why worry.
The rerality is that staes can not declare bankrupsy. Ifn they di their creitors could divide any assets which most staes have plenty of. The losers would be the people really has that ends all services.Can you even imgine what would happen tot heir trying to borrow money for a bond issue for instance.
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Gingrich Proposes Allowing State Bankruptcies, To Escape Pension Obligations
