Quote:
Originally Posted by Scratch59
I wonder how much of our debt could be restructured if we declared bankruptcy... just thinking out loud. I remember when the auto companies were allowed to negotiate with the unions they had been fighting with for years. They were able to lower the unbelievably comprehensive benefits their members were getting, freeing up money down the line.
Given the people I know who are living on Government pensions or benefits that are so far above what is available these days, it might do our national debt some good to be able to restructure that stuff....
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Lots of debt will be restructured in future bankruptcies. The demographic earthquake known as The Baby Boomers will ensure that, because we could tax everyone at 100% and still not have enough for the benefits they have been promised. In 2012, about a dozen cities in the US filed bankruptcy, and every single one of them used bankruptcy laws to reduce benefit payments to levels that could reasonably be provided. That will happen more and more, it's unavoidable, especially after last night.
My friends who are teachers are all liberal, because they think conservatives want to screw them. On the contrary. It's liberal politicians who are screwing unionized workers (at least those who are younger than Baby Boomers) by promising benefits that can never, ever be paid for. I have no idea what will happen to those teachers when they are 65 and told their pension plan is belly-up. God help them.