Yes but the money is currently still flowing. Now when employees continue to retire and no one is dying at the same pace that creates a logjam. You can already see people living longer and people are still retiring. Wait till the market crashes, good luck to the governor when this happens. If at all possible, push for a payout, get the money out if you can.
1. Auto bubble
2. Commercial real estate
3. Government bubble
Which one goes first?
“We in America do not have government by the majority. We have government by the majority who participate.” ― Thomas Jefferson
What about an emergency constitutional amendment? Bankruptcy? Just like Connecticut, you can only get so much out of a populace before they leave. You can satisfy debits by levying taxes, borrowing (bonds) , or negotiation. Take your pick. From where I stand things aren't looking so good for anyone.
It's just a matter of where you are in the Ponzi cycle.
First of all the New York State Employee Retirement System has existed since 1921 and is one of the most well funded in the Country. It is not going anywhere, it survived the depression. Not one single municipal entity in New York has filed for Bankruptcy. The State simply will not allow it, instead it will take control of the municipal entity first as we have seen in Buffalo and Erie County and previously in New York City.
You may want to learn more about our public pension instead of relying on the circumstance of other systems: http://www.google.com/url?sa=t&rct=j...HoovvrWYH7jMsA
“We in America do not have government by the majority. We have government by the majority who participate.” ― Thomas Jefferson
You don't think any village/town will declare bankruptcy in the next few years? I'm guessing Potsdam or Akron will be racing to be the first or does NY bail the above mentioned.
A lot of towns are already financially stressed.
2016 - record number of brick and mortar bankruptcies, seven more chains on the brink. I think we're at 22 already, could end up at 30 by the end of the year.
With the Auto and commercial real estate bubbles popping shortly, it's going to be ugly. Lots of scars but the Ponzi scheme pension checks will keep coming
No, I do not think so.
Being fiscally stressed is not the same as meeting the insolvency requirement for Chapter 9 Bankruptcy.
“We in America do not have government by the majority. We have government by the majority who participate.” ― Thomas Jefferson
If you can't pay the bills, you'll be insolvent and no choice to declare bankruptcy to be able to renegotiate the debt.
Akron or Potsdam will be the first, not sure who will be first, I think Potsdam just because of suny Potsdam continues to buy up land, the tax base is shrinking.
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