Originally Posted by Brucev
A contract is a contract. If the city/county/state declares bankrupcy the courts handle how it proceeds. But, there is no basis for a govt. simply changing the agreement b/c they don't want taxpayers to get their shorts in a wad over a tax increase to pay their obligation.
Taxpayers will pay up... or they will loose their property. It will be auctioned. The proceeds will go to what debts stand. If the taxpayer doesn't like it, then they need to elect representatives who will not try to keep taxes low by stealing pensions. The magic hand of the free market will handle it all. Right?
The crux of the issue with pensions is the contract. If the courts allow the government to violate contracts without bankruptcy then they can violate any contract.
Over a decade ago my city had a new department built. If they can tear up a pension contract without bankruptcy then they could not pay the contractor without penalty.
I wonder if your assessment of "The Wizard of Oz" would sound something like "A teenaged orphan runs away with three psychotic AD/HD patients and a little dog. She kills the first two women she meets." --Sinecure 07/03/2006
Freakin' awsome!! Kickin it old school. Hot sheet on the dash. The report was probably only two sentences. Long live Rencko and Bobbie Hill!--WhiskeyT
Last edited by CAcop; 10-06-2012 at 09:36..