Comments on: Interesting Thoughts On The Local & State Gov’t Crisis

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By: Russ Tarvin

Russ Tarvin — Thu, 13 Jan 2011 23:50:51 +0000

Please don't forget that California has been a provider state for decades. Living in California I don't like what my state has become, and would like serious reform, but I feel that if we did our reform, so as to not waste the money the feds give us (however that is, union reform would be GREAT!), the country should step up and help us. There are states that have to get federal funding to fund their state government, and those states should now share the burden.

The other way it could be attained is for California to start keeping more of the taxes that get collected from the over 10% of the US that lives inside it, instead of sending it to the federal government and then having to beg for it back. Remember, California pays taxes too.

By: Ori

Ori — Thu, 13 Jan 2011 19:15:01 +0000

So they need to do the same thing:

So now the point is to take the states to point of bankruptcy and them go to the unions and say, "look, we're F'd. We can lay you all off, every single one of you and MAYBE balance the budget, or you can take this deal for lower wages, lower benefits and take care of your own retirement." The states then do a single bond issue, 20 years, dump that money on the unions and eliminate their ongoing costs. The bonds would be attached to a temporary tax increase (see, that's how you sneak a tax increase in to balance the budget!) which would, in the end, shrink the government, balance the budget and save the states from bankruptcy.

By: Arthur Garcia

Arthur Garcia — Thu, 13 Jan 2011 01:40:48 +0000

I totally agree with this post. The only viable solution to America's debt buble is devaluing the dollar (Quantitative Easing). I would argue that Inflation is already here. Food prices and commodites (Sugar, coffee, turkey, gas, oil, etc) are already through the roof. The mistake people are making is confusing an increase in the price of Gold and thinking the value of Gold has gone up. The reality is they are watchiing the buying power of the dollar go through the floor. People who aren't watching and paying attention to these signs are going to get slaughtered out there.

A really good strategy is to invest your wealth in assests (rental property) that can be locked in by fixed rates. As inflation rises, your money (down payment), will be protected by the balance of the loan (which the tentant is paying off). Other than that, I don't really see any other options that aren't merely financially defensive – silver, good, etc.

By: TaJ

TaJ — Wed, 12 Jan 2011 21:43:36 +0000

Yes, let's not focus on the fact that pension systems are just another off-balance-sheet vehicle for political corruption between civil administration and finance. It's all the fault of unionized workers.

Defined-benefit pensions are screwed, but they were always a bad idea. No entity which can't print its own money should be allowed to promise arbitrary future payments.

By: TaJ

TaJ — Wed, 12 Jan 2011 19:39:35 +0000

It's hard to say which would be worse, bailing states out or NOT bailing them out. I mean, either way, don't expect it to be pleasant. All of the options are bad.

Part of the reason to suspect that they won't be bailed out is that bankruptcy would almost certainly entail major changes to the pension system and mortally wounding public employee unions. This would be a huge tactical win for the Republicans, as unions are pretty much perma-Democrat. Wether it's a strategic win on the other hand…

By: Rob

Rob — Wed, 12 Jan 2011 19:33:23 +0000

Public unions need to be stopped. ~3+ billion of the 7 billion that the income tax increase in Ill. will result in (allegedly, assuming people don't just jump ship altogether) will be used to pay pension payments.

We need politicians who stand up to the mob mentality of unions. Not who bait and switch as long as they get their kickback.