On Tue, Aug 10, 2010 at 4:11 AM, Jerry Barnes <critic...@gmail.com> wrote:
>

> Why we need to let states go
> broke<http://www.nypost.com/p/news/opinion/opedcolumnists/why_we_need_to_let_states_go_broke_kAFil8adYcXsyl20ygFdLL>
>
> Federal Band-Aids won't cover the fiscal problems of such states as New
> York, California, Michigan and Connecticut forever. State bankruptcy and
> fundamental restructuring of state and local finance -- and labor relations
> -- is at hand.
>

I would love for Congress to change the law to allow states to declare
bankruptcy and let them all renegotiate their union contracts. These
states (including mine) are on the verge of not being able to pay
their bills. Most state workers have already been subject to
furloughs. Government intervention only delays that inevitable day
when state workers will be sent home without jobs  - unless the state
is permitted to re-organize.

Within the dollar-based economies of the world, the US states are the
biggest actors, but hey are still just actors. As actors in the
system, they should be afforded the rules of the other players. If
corporations and municipalities have access to bankruptcy, why not
states? I'm not sure what California does even with bankruptcy, since
so much of our debt is baked into laws passed by the proposition
system.

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