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. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Order the Adobe Coldfusion Anthology now! http://www.amazon.com/Adobe-Coldfusion-Anthology-Michael-Dinowitz/dp/1430272155/?tag=houseoffusion Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:324643 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/groups/cf-community/unsubscribe.cfm