An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
A federal judge is purportedly going to rule today if the feds can overrule state constitutions regarding pension benefits. If, as expected, the ruling goes against the states, then Illinois will surely be next in line for the meat cleaver. Eventually all government pension promises will be invalidated and reworked considerably downward. This will truly be a sickening watershed moment in the demise of the American working class. Disgusting beyond anymore words.
A guaranteed income from a currency user, such as a state or municipality is not the same as a guaranteed income from a currency issuer.
Social security should be required for everyone that receives a paycheck in the country including government employees. Even federal employees and politicians should participate so they have 'skin in the game'.
The Pension Benefit Guarantee Corp obviously was rejected by cities and states because they didn't want to pay the premiums or submit to federal oversight.
3 comments:
A federal judge is purportedly going to rule today if the feds can overrule state constitutions regarding pension benefits. If, as expected, the ruling goes against the states, then Illinois will surely be next in line for the meat cleaver. Eventually all government pension promises will be invalidated and reworked considerably downward. This will truly be a sickening watershed moment in the demise of the American working class. Disgusting beyond anymore words.
And seems like the Tigers are having no trouble paying Verlander and Cabrera and Fielder...
A guaranteed income from a currency user, such as a state or municipality is not the same as a guaranteed income from a currency issuer.
Social security should be required for everyone that receives a paycheck in the country including government employees. Even federal employees and politicians should participate so they have 'skin in the game'.
The Pension Benefit Guarantee Corp obviously was rejected by cities and states because they didn't want to pay the premiums or submit to federal oversight.
Post a Comment