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The Legislature just spent 45 days trying to fix the fiscal crisis. They did nothing and no one seems to be concerned.
What could happen? "A one time default on public obligations to the "fat" public pensioners? I predict that this will happen. Anticipating this, new employees at places like UCLA should demand a raise to compensate them for this risk. The old guys on the faculty have no choice but to suffer in silence. This raises a Legal Question. What "bankruptcy court" would handle the case? Could some judge determine the future of the public sector's balance sheet?"
Financially, the State will bankrupt retirees--that is the real prospect!
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What could happen? "A one time default on public obligations to the "fat" public pensioners? I predict that this will happen. Anticipating this, new employees at places like UCLA should demand a raise to compensate them for this risk. The old guys on the faculty have no choice but to suffer in silence. This raises a Legal Question. What "bankruptcy court" would handle the case? Could some judge determine the future of the public sector's balance sheet?"
Financially, the State will bankrupt retirees--that is the real prospect!
More...