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YOU DONT COUNT- Debts Should Be Honored, Except When the Money Is Owed to Working People

Sunday, February 6, 2011 14:31

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Jim Kelly

PATRIOT FREEDOM

Debts Should Be Honored, Except When the Money Is Owed to Working People

Bankrupt states could tell teachers, highway patrol officers, and other public employees that they’re not getting the pensions they were expecting, even if already retired.

This seems to be the lesson that our nation’s leaders are trying to pound home to us. According to The New York Times, members of Congress are secretly running around in closets and back alleys working up a law allowing states to declare bankruptcy

According to the article, a main goal of state bankruptcy is to allow states to default on their pension obligations. This means that states will be able to tell workers, including those already retired, that they are out of luck. Teachers, highway patrol officers, and other government employees, some of whom worked decades for the government, will be told that their contracts no longer mean anything. They will not get the pensions that they were expecting.

Depending on the specific circumstances, they may find their pensions cut back 20 percent, 30 percent, perhaps even 50 percent. There would be no guarantees if a state goes into bankruptcy.

There has been a concerted effort to bash … READ MORE HERE

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