CITYBLOGGER..PENAFIAN Laman ini tidak bertanggungjawab atas hasil penulisan yang dipetik dari sumbe

Here is the solution...
Since the States are soverign, then let the States print their own money like they used to. They can monitize their debt just like the USA is doing.
Pay those pensions in CA dollars or NY dollars with exchange rates to the US dollar.
-
As for me...pay me in Chinese dollars please, they might be worth something.State and local governments are in financial trouble because they allowed public sector unions to negotiate salaries, benefits and pensions well beyond what is sustainable.

The unions have been making large contributions to state and local elections and reaping their rewards once their officeholders are installed.

Bankruptcy is probably the only recourse left to state and local governments if they want to get this monkey off their backs. It is estimated that public pension funds are $3 to 4 trillion underfunded and growing larger every day.

All defined benefit pension plans should be abolished and replaced by 401(k)-type programs. Private industry saw that defined benefit programs were unsustainable and wiped them out many years ago. State and local goveernments should do the same and not just for new employees but current employees as well.

Additionally, another change is needed in union/government negotiations. Layoffs should not be based on senority but on performance. Unions will scream that it introduces favoritism but it has worked in the private non-unionized sector for many years.

I could go on and on about public sector union abuse but I'll end with a request that public sector disability policies be reined in. I doubt that one California CHP, state, county or local policeman or fireman ever retires without a disability. Why is that when many of them find a similar job elsewhere? If they are truly disabled, they shouldn't be able to work in a similar environment. In fact, rather than be given a disability pension, give them a desk job until they reach full retirement age.