So now the GOP wants the states to declare bankruptcy? But of course we bailout the Corps... screw the teachers, cops and firemen etc that had State pensions? Not when I have a vote; "The last time America’s states were in the throes of a crippling fiscal crisis, an idea was floated in Washington to help them swiftly bring it to an end: let them file for bankruptcy and escape from the trillions of dollars owed to bondholders and retired public employees. It was immediately condemned by Wall Street investors, public employee unions and Republican and Democratic governors, who said it was unnecessary and would saddle them with rising interest rates by spooking the bond market. The discussion was dropped after a single hearing in the U.S. House of Representatives. But on Wednesday, with the nation’s state capitals again facing massive budget shortfalls because of the stalled economy, the idea resurfaced when Senate Majority Leader Mitch McConnell voiced support for it during a radio interview." https://www.msn.com/en-us/money/mar...upt-met-rapid-demise-a-decade-ago/ar-BB133bp7
Bankruptcies are what trump does best, saving his own skin while throwing everyone else under the bus. He’s well on his way to ruining the country with the help of the cowardly gop.
Ayuh,..... They've been screwin' us taxpayers for many decades,...... Even FDR knew better than to allow public employee unions,......
So we have to bail out American Airlines, but sorry Kansas, you're on you own. JFC...the Cult of Trump never ceases to amaze.
California cities were on the brink of insolvency before Covid. Unfunded pensions are not sustainable. What do you suggest?
Mitchy was like the fastest gun in the west when it came to getting stimulus money to the corporations. For the states that make up The United States, not so much. Guess they should have become The Incorporated States of America. And lets not forget that basically Mitch McConnell wants to screw over the retirees who worked all those years to get those pensions. You can be mad at the states, maybe, for offering the pensions, but it won't be the states who ultimately pay the price for them. It will the people who earned them. Pensions are pretty much a thing of the past unless you're an super executive, but that's not reason to leave those who earned them high and dry.
No what they don't want is to bankroll the states which are taxing authorities themselves. Private sector businesses file bankruptcy when they arrive at the end of their mismanagement. It makes sense for government to do the same in my view. If you have less money then you should spend less. You don't care about the "budget shortfalls" of businesses who were put out of business by government decree? Businesses are responsible for what they do but governments aren't? Perhaps it will dawn on you shortly that we have way too much government.
I guess Trump is the perfect person to lead the nation into bankruptcy, he's got tons of experience being a cut-and-run type of guy. We could sell California to Apple. Washington state to Microsoft. Texas to Big Oil. Florida to Russia (they own most of the Trump properties there anyway).
If they can't meet their debt obligations, why do you want bankruptcy protection withheld from them? Well, we can't have Wall Street Investors feeling any pain. I'm so glad you reminded me. I'd support a bailout in exchange for letting the red areas of their State split off and form their own States. I wouldn't worry too much about this, Cocaine Mitch is always willing to deal.
Your entire claim is absurd. Large Corporations aren't getting much assistance, other than that they know that employees they furlough get Stimulus checks and an extra $600/wk on top of their regular unemployment benefits. Why in the world would states and cities get more assistance than large employers? Because of COVID? Says who? If they haven't been properly funding their retirement plans, all the Americans workers WITHOUT pensions are supposed to bail them out? With the power to tax, why would they do that? You seem to be engaging in hyperbole. It seems silly that they would have to bankrupt, but if they do, I would be willing to see Congress allow them Bankruptcy Protection in exchange for allowing the Red Areas of their States to form separate states if the Red Areas wish to. They have the same problem large employers have, only they have something big business doesn't have, the power to tax.
If trump is going to now bail out bankrupt states then I will not vote come Nov Trump is becoming a big disappointment
Trump has indicated no willingness and Cocaine Mitch has said NO! So, Trump couldn't if he wanted to. The Constitution grants Congress the power to establish uniform laws for bankruptcies throughout the country. Currently Bankruptcy Protection is not extended to the states, but, Cocaine Mitch is willing to look at it. Around the 1840's or so, I think States had bankruptcy protection for a time, but those laws are no longer on the books. We have some long time profligate states and that combined with the coronavirus has put some of them on the brink of collapse. Much of this had nothing to do with the pandemic, of course; it was about years of mismanagement of Illinois’ budget. New York and California have also dug themselves into shockingly deep holes. For any state in such circumstances to suggest that its obligations ought be paid by taxpayers in other states boggles the mind. Particularly when many states pensions are far more generous than those of private employers. Senator McConnell marks an important point for mismanaged States. It is one thing for the Congress to legislate relief during the pandemic. It is another to bail out states for their own failures. https://www.nysun.com/editorials/could-poorly-managed-states-end-up-in-bankruptcy/91101/ State and local governments received aid under the $2.2 trillion CARES Act signed late last month.
State and local governments received aid under the $2.2 trillion CARES Act signed late last month, but, a few of them want another bite at the apple, but, Cocaine Mitch has declared enough.
Mitch has always been about special interests He has always been a liar but Nancy is 10000 times worse
I like him more since Trump got elected than I ever have. That man is a Judge Confirming Machine and it will impact a generation for the good, returning this nation back under the Constitution and the Separation of Powers that guards our Freedom and Liberty. But he is a deal maker, so for him to agree to a deal is not out of the question. Personally, I'd be glad to trade for allowing the Contiguous Red Areas of these States to form new states in exchange for a one time bailing out the mismanaged Blue States. Illinois is a Red State with a Big Blue City. Michigan the same. New York the same. CA is a Red State with LA and the Bay Area. Every new State brings it's House Seats, which are subtracted from the bailed out Blue States, and from their ECV. Plus, each new Red State gets two Senate seats. You think State Workers in CA, NY IL or MI are going to give up their pensions rather than seeing their state lose half their Electoral College votes and their Senate seats diluted? I think they will chose their pensions. Now the National Democrats won't want to pass it, but can you imagine the war that will break out in the Democrat Party when NY CA IL and MI public workers want their pensions protected but National Democrats want to keep their national power and would rather force these State Workers to accept Bankruptcy protection with the resulting haircut of their pensions, instead?
