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America is addicted to porn. Not sexual porn. . . . . .
America is addicted to economic porn. It is just as temporarily satisfying and unrealistic as regular porn.
Tax funded pensions for a select group of state and federal government employees. Fiat money creation by the Federal Reserve. Government induced low interest rates for 'homeowners', easily accessible money to go to college, resulting in $1.2 trillion in student loan debt, credit cards and the whole 'buy now, pay later' mentality.
It is all economic porn, and America is addicted to it on a level that far surpasses any claims that people are addicted to sexual porn.
Economic porn: made possible by the smoke and mirrors controlled by politicians, the endless shell game that the Federal Reserve engages in and the increasingly delusional and narcissistic behavior of Americans in general.
Economic porn will destroy this country in a similar way that sexual porn could potentially destroy a marriage.
Americans are addicted to economic porn. They can't get enough of it. The addiction to it has warped their grasp on reality and they want more and more of it, regardless of the consequences.
All state and federal workers need to go to the social security system just like the rest of us working fat slobs who are third class workers if they are second.
Social security includes members of congress and all the rest right up to president. Social security is good enough for me it is good enough for you.
As far as Illinois workers go they are doomed to get 20 cents on the dollar.
About the middle 1980's federal workers did go into SS. There may be some still exempt, but don't know who that is.
Eventually new politicians will come in and they will declare they are bankrupt. That means pensions are down the list of bondholders. Likely out come is unions coming to sense and making a deal or its followed thru and they lose a lot. Best thing would be a deal and sooner the better for all involved. Illinois and California were only two states Identified has likely in the congresses State of the State hearings testimony.
States cannot declare bankruptcy. Simple as that. The States can change their Constitutions but retroactive change to the people on board will be found unconstitutional. Simple as that.
If push comes to shove the State pays the pensions and cuts the present services to whatever level necessary to do that or raise taxes enough to pay part.
Note that there were not big pensions in Detroit. Modest in general. It was the loss of revenue not the large cost that got to Detroit.
The States are often two faced about all this. Wisconsin cut back but left out the worst group of pension kiters - the public safety workers. That tends to be typical. Same thing was true in CA. The worst of the pension cons were public safety workers. Yet even the right wingers want to protect those pensions.
States cannot declare bankruptcy. Simple as that. The States can change their Constitutions but retroactive change to the people on board will be found unconstitutional. Simple as that.
If push comes to shove the State pays the pensions and cuts the present services to whatever level necessary to do that or raise taxes enough to pay part.
Note that there were not big pensions in Detroit. Modest in general. It was the loss of revenue not the large cost that got to Detroit.
The States are often two faced about all this. Wisconsin cut back but left out the worst group of pension kiters - the public safety workers. That tends to be typical. Same thing was true in CA. The worst of the pension cons were public safety workers. Yet even the right wingers want to protect those pensions.
If I recall the average pension was around 19000/year and was not part of SS. Not sure if this includes cops/firemen etc.
No; but they can self destroy them self as we have seen especially recently.
Where is that? Even in worse case Detroit the union pensioners did reasonably well. And they would likely have done even better if the BK court had not intervened.
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