Detroit files for bankruptcy

Foxrac said:
The number doesn't matter - the court ruling is strictly based on the state constitution and Michigan has constitution protection on pension.

The state law, or state constitution can be used to influence on federal bankruptcy.

It means voters in Michigan will have to repeal the constitutional protection - I don't think it will be successful.

Other option, the federal court have to nullify the state constitution.

The pension fight may end up in US Supreme Court.
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I am well aware of what grounds this idiot judge is claiming. I am also aware of the reason wh she is claiming it.
 
I have question about pension.

If workers who work and pay into public pension or private pension (union pension, not 401k) so they can't receive SS when they retire?

I know workers who have 401k and they can collect SS when they retire. I'm not sure about public pension or union backed pension. I know about unionized workers cannot use government unemployment insurance, so they must use unemployment insurance that run by union.

My state has problem with pension too - only 75% are funded but eventually, it will get worse.
 
Foxrac said:
I have question about pension.

If workers who work and pay into public pension or private pension (union pension, not 401k) so they can't receive SS when they retire?

I know workers who have 401k and they can collect SS when they retire. I'm not sure about public pension or union backed pension. I know about unionized workers cannot use government unemployment insurance, so they must use unemployment insurance that run by union.

My state has problem with pension too - only 75% are funded but eventually, it will get worse.
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I found one from Kokonut's article.

And such a ruling, once made, could change how public employees across the country see their futures, how their unions negotiate contracts, and how their retirees — some of whom, like police and firefighters in Michigan, don’t contribute to or receive Social Security benefits because their pensions were expected to be guaranteed — pay the bills.
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Oh wow, I feel bad for retirees who lose the pension.
 
Foxrac said:
I found one from Kokonut's article.



Oh wow, I feel bad for retirees who lose the pension.
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I don't. These people joined unions and fought for the right to depend on the government for their retirement needs. Even as others told them how stupid it would be to depend on government pensions they still ignored the math and fought for these union contracts and government pensions. Now the chickens are coming home to roost.
 
TXgolfer said:
I don't. These people joined unions and fought for the right to depend on the government for their retirement needs. Even as others told them how stupid it would be to depend on government pensions they still ignored the math and fought for these union contracts and government pensions. Now the chickens are coming home to roost.
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The retirees who lost the pension, will use your taxpayer's funded on SSI, food stamp, Medicaid, Section 8 and other government assistance.
 
Foxrac said:
The retirees who lost the pension, will use your taxpayer's funded on SSI, food stamp, Medicaid, Section 8 and other government assistance.
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A) Not mine. They will be lucky to qualify and will most likely be waiting in a long line.

B) That wouldn't make me feel sorry for them. That would make me despise them for being stupid and not listening.
 
Foxrac said:
The retirees who lost the pension, will use your taxpayer's funded on SSI, food stamp, Medicaid, Section 8 and other government assistance.
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TXgolfer said:
A) Not mine. They will be lucky to qualify and will most likely be waiting in a long line.

B) That wouldn't make me feel sorry for them. That would make me despise them for being stupid and not listening.
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And who can say that those would always be there for us to depend on? Even our Federal Government is broke and that will eventually catch up to them also.
 
TXgolfer said:
A) Not mine. They will be lucky to qualify and will most likely be waiting in a long line.

B) That wouldn't make me feel sorry for them. That would make me despise them for being stupid and not listening.
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Not mine? You already paid taxes to federal.

In bold - I doubt they were smart about government's problem and some of my families didn't know about how bad is public pension.
 
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Foxrac said:
In bold - I doubt they were smart about government's problem and some of my families didn't know about how bad is public pension.
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Well, there has always been people around to tell them....but they didn't listen.
 
Secretblend said:
And who can say that those would always be there for us to depend on? Even our Federal Government is broke and that will eventually catch up to them also.
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It is funny about federal and state have different treatment - the federal has really A LOT of debt (over trillion dollars) but states only have million to billion dollars in debt, however state isn't allowed to have much borrow as federal did.

The military spending is contributed to federal debt problem, along with social programs.
 
Foxrac said:
It is funny about federal and state have different treatment - the federal has really A LOT of debt (over trillion dollars) but states only have million to billion dollars in debt, however state isn't allowed to have much borrow as federal did.

The military spending is contributed to federal debt problem, along with social programs.
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It's not the military spending.. It's the government spending! States may not be allowed to have debt but eventually the Federal would not be able to sustain their spending and it will all eventually crash. It will happen, the question is when?
 
Secretblend said:
Why would someone have to tell anyone? Most of it should be common sense.
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Not really, it is not about common sense.

I haven't learned about how bad is public pension until recently.

No one at school tell kids about public pension has problem.
 
Secretblend said:
It's not the military spending.. It's the government spending! States may not be allowed to have debt but eventually the Federal would not be able to sustain their spending and it will all eventually crash. It will happen, the question is when?
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You didn't mention about military spending - they are part of government spending.

Don't blame on social programs as only one problem, the federal has a lot of military spending as well, all contributed to debt problem.

Crash? I don't have any prediction for federal government and they let debt as ballooning for many years.
 
Foxrac said:
You didn't mention about military spending - they are part of government spending.

Don't blame on social programs as only one problem, the federal has a lot of military spending as well, all contributed to debt problem.

Crash? I don't have any prediction for federal government and they let debt as ballooning for many years.
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Once again *facepalm*
 
Secretblend said:
*facepalm*
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Not everyone are smart about political because many of them are not focus on political as hot issue.

There are plenty of members in AD didn't involve in political and they probably don't realize about government's problem.

The positive and negative view on public pension is politically motivated.
 
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