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“States are not legally allowed to declare bankruptcy, but Sen. McConnell contended that “there’s no good reason for it not to be available.” He said, “we’ll certainly insist that anything we borrow to send down to the states is not spent on solving problems that they created for themselves over the years with their pension programs.” And that is evidently the real motive behind the bankruptcy push. McConnell wants states put through a bankruptcy reorganization to get rid of all those pesky pension agreements and the unions that negotiated them. But these are the safety nets against old age for which teachers, nurses, police and firefighters have worked for 30 or 40 years. It’s their money.

It has long been a goal of conservatives to privatize public pensions, forcing seniors into the riskier stock market. Lured in by market booms, their savings can then be raided by the periodic busts of the “business cycle,” while the more savvy insiders collect the spoils. Today political opportunists are using a crushing emergency that is devastating local economies to downsize the public sector and privatize everything. “

Do you support capitalism to this extent?

[commondreams.org]

ToolGuy 9 May 3
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2 comments

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With retirement after as little as 20 years, too many public employees can “double dip”, even “triple dip”.
Your not confining the question to the problem described implies a hidden agenda.

@ToolGuy Limit the question to issues raised in the post, privatizing pensions, getting rid of pension agreements, getting rid of unions, or letting states declare bankruptcy. Ok, you needed to pee. (grin)

@ToolGuy That reads like a rationlization, which the OED says is an attempt to justify one’s own or another’s behavior with logical or plausible reasons even if not true.

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This is rapacious greed, period!

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