The Case for Allowing U.S. States to Declare Bankruptcy – Bloomberg Business

6 Comments
Newest
Oldest Most Voted
Inline Feedbacks
View all comments
Advocate
10 years ago

When one chooses to attack the messenger and not the message, they expose intellectual deficiencies. Lets not make it personnel Mark, both of us do understand.

Advocate
10 years ago

When conservatives turn to striking fundemental priciples of State sovereignty and blindness to constitutional provisions of the Contracts Clause and Supremacy Clause, and ex post facto, all for the sake of fiscal convienance. How radicalism prospers indeed. Lets amend the State Constitution in the face of budget struggles wirepoints suggests. When do Americans sacrifice fundemental values and principles for budget convienance? Americans and conservatives stand by their values and laws in the face of adversity. At times it takes courage, albeit in crisis, to stand by our fundemental values;still, it is not courageous to run from our values, for the… Read more »

mark glennon
10 years ago
Reply to  Advocate

Mindless nonsense. The Constitution means what courts say it means, and nobody has ever suggested defying a court order. The Bankruptcy Code, its amendments, the ex post facto clause, the contracts clause and all the rest will be duly interpreted and those interpretations will be followed.

Advocate
10 years ago
Reply to  mark glennon

Defying a court order? Who said that? I sure didnt. And Nonsense Mark, is to ignore or dissmiss that you fail to confront.

mark glennon
10 years ago
Reply to  Advocate

You fundamentally just don’t understand.

J.A. Herzrent
10 years ago

Public employee unions oppose bankruptcy because it would force an encounter with financial reality and lead to an apportionment of existing pension assets among ALL pension beneficiaries. It would also put the future cost of retiree health care out there for everyone to see. The result would be cutbacks of benefits for those already retired and diminished expectations for those still working. Since the courts insist on calling all these expectations “contract rights” we are left with the bankruptcy as the only solution. Delaying bankruptcy simply gives public employees and retirees time to deplete further the existing funds and to… Read more »

SIGN UP HERE FOR FREE WIREPOINTS DAILY NEWSLETTER

Home Page Signup
First
Last
Check what you would like to receive:

FOLLOW US

 

WIREPOINTS ORIGINAL STORIES

Mark Glennon on AM560’s Morning Answer: Chicago pension buyout plan mostly shifts debt rather than eliminating it, property tax surge doubles inflation over three decades

Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.

Read More »

WE’RE A NONPROFIT AND YOUR CONTRIBUTIONS ARE DEDUCTIBLE.

SEARCH ALL HISTORY

CONTACT / TERMS OF USE