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BANKRUPTCY FOR STATES QUIETLY STUDIED

Discussions about the economic and financial ramifications of PEAK OIL

Re: BANKRUPTCY FOR STATES QUIETLY STUDIED

Postby crude_intentions » Fri 21 Jan 2011, 15:30:41

$this->bbcode_second_pass_quote('Livewire713', 'J')ust curious, how many young college liberals do you know to make such a statement? Most college students I know are broke and indebt to their eyeballs.


I graduated in June of 2008. I've kept up with a few of my fellow students and I can tell you with a few exceptions it's amazing how (not all at once but little by little.) a persons politcal leanings can change when they have to go out in the world and earn a living. Don't get me wrong their not running into the arms of the republican party. Most are either right/left libertarians even if they don't label themselves as such. They reject the nanny statism of the democratics, while the religous craziness of the republicans scare them to death.
Last edited by crude_intentions on Fri 21 Jan 2011, 17:59:52, edited 1 time in total.
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Re: BANKRUPTCY FOR STATES QUIETLY STUDIED

Postby Livewire713 » Fri 21 Jan 2011, 15:35:04

$this->bbcode_second_pass_quote('the48thronin', '')$this->bbcode_second_pass_quote('Livewire713', '
')
Just curious, how many young college liberals do you know to make such a statement? Most college students I know are broke and indebt to their eyeballs.



Funny thing that... I wonder if your google research included percentages of collage students "living on loans" and running up debt and those who have the ability to go to collage without using debt financing?

Most collage students I know reminds me of the guys I meet who say "everyone does it" that bought houses on ARMS, took drugs, ignored the traffic laws, or used liars loans to finance their flip homes businesses....

Got any numbers? Or are generalities all we need to justify any position?


Im not sure what your asking here? I said most college students I know are broke and indebt. I think most students take out loans while going to college with the idea that they will pay these off when they join the work force. You can't just walk away from a student loan like you can a home loan. That student loan will follow you around the rest of your life, fees and penalties included.
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Re: BANKRUPTCY FOR STATES QUIETLY STUDIED

Postby TreeFarmer » Fri 21 Jan 2011, 15:48:08

One problem was that state employees became so numerous that they could swing the results of an election. The politicians saw that being nice to the state's employees was an easy way to win re-election. Unfortunately for them, and everyone else, this strategy may have worked too well in the good times.

Also, years ago it was understood that if you were a government worker you made less than other workers but got a nice pension (relatively) when you retired. Then wages for government workers caught and passed private workers in the last 30 years on top of the nice pension.

I'm afraid the result is that government workers are now over paid and receive a pension of that is unaffordable.

TF
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Re: BANKRUPTCY FOR STATES QUIETLY STUDIED

Postby vision-master » Fri 21 Jan 2011, 16:04:11

$this->bbcode_second_pass_quote('', 'A')lso, years ago it was understood that if you were a government worker you made less than other workers but got a nice pension (relatively) when you retired. Then wages for government workers caught and passed private workers in the last 30 years on top of the nice pension.


BS, their wages and benefits have taken a hit just like everyone else.

In the late 60's and early 70's school janiors still had lake cabins. I know as I wuz work as a turd jockey for the city then. Also, they and all city employees got 70% of their wages in retirement after 30 years of service. I worked for a head-man (high school) who retired @ age 49. The city closed the pension plan to new ppl in 1978.

Then they tied into SS and came up with the rule of 90.

About 20 years ago that changed where if you retired before age 65, you would get less.....

Now those poor workers will most likey be stuck with 401k's in the future.
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Re: BANKRUPTCY FOR STATES QUIETLY STUDIED

Postby Sixstrings » Fri 21 Jan 2011, 17:21:35

$this->bbcode_second_pass_quote('vision-master', 'P')ension plans will most likey change for NEW employees. State pensions are covered by law and just can't be changed like private plans. Tax payers WILL pick up any shortfalls, get over it and quit worrying about ppl that do have pensions. :)


The pension for new state employees has already been changed in Florida. They wanted to "bring it more in line with the private sector." So in other words it sucks. And no, Florida wasn't one of those gravy train pension states. My retired mother has a very modest pension. The point though is that future retirees won't have a guaranteed pension at all but rather something more like a 401k.

As for "state pensions covered by law," I think that's the whole point with the bankruptcy, to change federal law so that states can go bankrupt and force a restructuring of the pensions.
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Re: BANKRUPTCY FOR STATES QUIETLY STUDIED

Postby Sixstrings » Fri 21 Jan 2011, 17:25:00

$this->bbcode_second_pass_quote('crude_intentions', '')$this->bbcode_second_pass_quote('Sixstrings', ' ')
Young folks will get ripped off, but they probably won't mind their taxes being raised to pay the benefits to seniors. After all, young folks are mostly democrats and Obama supporters----all they care about is whether or not the politician is "cool."..... :roll:


My experience has been that most of the young liberal college crowd don't mind if you take someone else's money, The Rich, The Greedy, ect but touch theirs and they'll scream like mad men. :roll:


You cut and pasted wrong, I didn't write that.
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Re: BANKRUPTCY FOR STATES QUIETLY STUDIED

Postby Pretorian » Fri 21 Jan 2011, 18:59:48

$this->bbcode_second_pass_quote('vision-master', '')$this->bbcode_second_pass_quote('', 'H')m, this is definitely an EconoDoom watershed moment. If it actually happens, and states start declaring bankruptcy, that's big news. All those retirees with state pensions will face restructured benefit payments. I assume bondholders would eventually get paid, but who knows when.


COLA's will be stopped or in my case only 1% a year increases from now on. Pension plans will most likey change for NEW employees. State pensions are covered by law and just can't be changed like private plans. Tax payers WILL pick up any shortfalls, get over it and quit worrying about ppl that do have pensions. :)

More likely, if thats the case, they will force the printing press to go wild, shove you your 1% yearly increase and go mind their own business. And you will have to sell your house and move in with the kiddos (if they will let you). Your state pension might be covered by law, its buying ability isnt, sorry.
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Re: BANKRUPTCY FOR STATES QUIETLY STUDIED

Postby vision-master » Fri 21 Jan 2011, 19:11:15

Ya think, welcome to the NWO. :|

@ least a 1% increase per year is better than losing yer job, reduced hours, benefits gone, forced relocation, long commutes or a paycut.
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Re: BANKRUPTCY FOR STATES QUIETLY STUDIED

Postby Homesteader » Sat 22 Jan 2011, 05:32:56

$this->bbcode_second_pass_quote('Sixstrings', '')$this->bbcode_second_pass_quote('vision-master', 'P')ension plans will most likey change for NEW employees. State pensions are covered by law and just can't be changed like private plans. Tax payers WILL pick up any shortfalls, get over it and quit worrying about ppl that do have pensions. :)



As for "state pensions covered by law," I think that's the whole point with the bankruptcy, to change federal law so that states can go bankrupt and force a restructuring of the pensions.


That would seem to be the simplest explanation, and the most obvious.
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Re: BANKRUPTCY FOR STATES QUIETLY STUDIED

Postby vision-master » Sat 22 Jan 2011, 10:32:35

Minnesota is going to offer yearly retirements and NOT replace those current employees elgible for retirement. Then the State will make sure their is enough funds in the State pension plan. This will cost $$.

What they ain't telling ppl and I know from experience, these lost government workers (not management) will be replaced by contractors. This move is nothing more than a shell and pea game with the end result being, it will cost the State even more bc 'companies' need to profit. Our department could have saved over 1 million a year if some services were done in-house instead of being out-sourced.

BUT, Management likes out-sourcing bc it gives them more CONTROL. :lol:
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Re: BANKRUPTCY FOR STATES QUIETLY STUDIED

Postby Cog » Sat 22 Jan 2011, 10:46:10

Guess your free ride is coming to an end VM.
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Re: BANKRUPTCY FOR STATES QUIETLY STUDIED

Postby vision-master » Sat 22 Jan 2011, 10:49:09

How so? The State has already passed by law to kick in 15 million a year into the pension plan until 2031. Nope, things couldn't be better. FYI: A Repub Gov signed the bill. :lol:

Life's been good
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Re: BANKRUPTCY FOR STATES QUIETLY STUDIED

Postby Livewire713 » Sat 22 Jan 2011, 11:10:31

$this->bbcode_second_pass_quote('Cog', 'G')uess your free ride is coming to an end VM.


Cog, so people that don't agree with your views are looking for a free ride? You accused me of this in the past because you disagreed with my view. Just because someone is left leaning doesnt mean they need a handout. I for one have my home and both vehicals paid for and I have very little debt. I also never had any children and don't plan on having any so Ive never received big tax breaks like most average people do. Im just wondering what type of handout you think I get because I lean to the left.
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Re: BANKRUPTCY FOR STATES QUIETLY STUDIED

Postby Cog » Sat 22 Jan 2011, 11:31:11

$this->bbcode_second_pass_quote('vision-master', 'H')ow so? The State has already passed by law to kick in 15 million a year into the pension plan until 2031. Nope, things couldn't be better. FYI: A Repub Gov signed the bill. :lol:

Life's been good


Wow Can the state pass a law and create oil too? Cause that would be quite the trick.

But back to the topic at hand. Getting by with about 50% less state workers will be a great start. Then VM can find out what life is like in the real world away from government largess.
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Re: BANKRUPTCY FOR STATES QUIETLY STUDIED

Postby Cog » Sat 22 Jan 2011, 11:32:42

$this->bbcode_second_pass_quote('Livewire713', '')$this->bbcode_second_pass_quote('Cog', 'G')uess your free ride is coming to an end VM.


Cog, so people that don't agree with your views are looking for a free ride? You accused me of this in the past because you disagreed with my view. Just because someone is left leaning doesnt mean they need a handout. I for one have my home and both vehicals paid for and I have very little debt. I also never had any children and don't plan on having any so Ive never received big tax breaks like most average people do. Im just wondering what type of handout you think I get because I lean to the left.


Unless your name is VM, then I doubt I was pulling your chain. If you are feeling guilty about your free ride, go tell a priest about it. I don't take confessions here.
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Re: BANKRUPTCY FOR STATES QUIETLY STUDIED

Postby Livewire713 » Sat 22 Jan 2011, 11:46:59

$this->bbcode_second_pass_quote('Cog', '')$this->bbcode_second_pass_quote('Livewire713', '')$this->bbcode_second_pass_quote('Cog', 'G')uess your free ride is coming to an end VM.


Cog, so people that don't agree with your views are looking for a free ride? You accused me of this in the past because you disagreed with my view. Just because someone is left leaning doesnt mean they need a handout. I for one have my home and both vehicals paid for and I have very little debt. I also never had any children and don't plan on having any so Ive never received big tax breaks like most average people do. Im just wondering what type of handout you think I get because I lean to the left.


Unless your name is VM, then I doubt I was pulling your chain. If you are feeling guilty about your free ride, go tell a priest about it. I don't take confessions here.


Well just like VM you have accused me of looking for a free ride when you know nothing about me, just that my view leans to the left of yours. Here again you say Im feeling guilty of a free ride. Please explain what free ride Im getting!
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Re: BANKRUPTCY FOR STATES QUIETLY STUDIED

Postby vision-master » Sat 22 Jan 2011, 12:04:08

$this->bbcode_second_pass_quote('Cog', '')$this->bbcode_second_pass_quote('vision-master', 'H')ow so? The State has already passed by law to kick in 15 million a year into the pension plan until 2031. Nope, things couldn't be better. FYI: A Repub Gov signed the bill. :lol:

Life's been good


Wow Can the state pass a law and create oil too? Cause that would be quite the trick.

But back to the topic at hand. Getting by with about 50% less state workers will be a great start. Then VM can find out what life is like in the real world away from government largess.



You didn't read my post. Less State workers means more contractors means more costs.

Crooks like you tack on 50% profit for each 'contracted employee'.

Sweatshop Cog, I know the game all to well.
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Re: BANKRUPTCY FOR STATES QUIETLY STUDIED

Postby Cog » Sat 22 Jan 2011, 12:19:34

$this->bbcode_second_pass_quote('vision-master', '')$this->bbcode_second_pass_quote('Cog', '')$this->bbcode_second_pass_quote('vision-master', 'H')ow so? The State has already passed by law to kick in 15 million a year into the pension plan until 2031. Nope, things couldn't be better. FYI: A Repub Gov signed the bill. :lol:

Life's been good


Wow Can the state pass a law and create oil too? Cause that would be quite the trick.

But back to the topic at hand. Getting by with about 50% less state workers will be a great start. Then VM can find out what life is like in the real world away from government largess.



You didn't read my post. Less State workers means more contractors means more costs.

Crooks like you tack on 50% profit for each 'contracted employee'.

Sweatshop Cog, I know the game all to well.


We tack on exactly what your state regs allow us to tack on. Its called free enterprise instead of being a government leech.
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Re: BANKRUPTCY FOR STATES QUIETLY STUDIED

Postby Oneaboveall » Sat 22 Jan 2011, 15:06:01

$this->bbcode_second_pass_quote('vision-master', 'H')ow so? The State has already passed by law to kick in 15 million a year into the pension plan until 2031. Nope, things couldn't be better. FYI: A Repub Gov signed the bill. :lol:

Life's been good

Joe Walsh for the win! :mrgreen:
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Re: BANKRUPTCY FOR STATES QUIETLY STUDIED

Postby vision-master » Sat 22 Jan 2011, 16:20:05

$this->bbcode_second_pass_quote('Cog', '')$this->bbcode_second_pass_quote('vision-master', '')$this->bbcode_second_pass_quote('Cog', '')$this->bbcode_second_pass_quote('vision-master', 'H')ow so? The State has already passed by law to kick in 15 million a year into the pension plan until 2031. Nope, things couldn't be better. FYI: A Repub Gov signed the bill. :lol:

Life's been good


Wow Can the state pass a law and create oil too? Cause that would be quite the trick.

But back to the topic at hand. Getting by with about 50% less state workers will be a great start. Then VM can find out what life is like in the real world away from government largess.



You didn't read my post. Less State workers means more contractors means more costs.

Crooks like you tack on 50% profit for each 'contracted employee'.

Sweatshop Cog, I know the game all to well.


We tack on exactly what your state regs allow us to tack on. Its called free enterprise instead of being a government leech.


It's called exploiting your workers and sucking off the govermnet tit sweatshop cog. :lol:
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