States May Be Allowed To File Bankruptcy

[DetroitDad]

http://www.msnbc.msn.com/id/41188877...ew_york_times/

Policy makers are working behind the scenes to come up with a way to let states declare bankruptcy and get out from under crushing debts, including the pensions they have promised to retired public workers.

[Crumbled_pavement]

This should be interesting!

[Wingnatic]

Here's a novel idea , we should be more like the Chinese who 80+ % of what they consume is made in China , 80+ % of what they make in China for export , materials used is made in China . They import only what they have to import and no more . Boy that must save alot of jobs . And when you have jobs for just about anyone that wants to work , communities and economies are healthier . I don't think the people who crafted our constitution could have forseen this like they did with religion in respect to big business being into politics .

[maxx]

If states cut off pensions, there will be a group of people who can't buy anything so the economy cannot grow. They will also be angry and maybe make their last purchase at a gun shop. People who have nothing to lose are dangerous.

[oladub]

I don't think the people who crafted our constitution could have forseen this like they did with religion in respect to big business being into politics .

Wingnatic, The Constitution allowed and assumed that much of federal government revenue would derive from import taxes. Three major things happened. Courts ruled that corporations were 'legal persons' thereby giving corporations a great deal more power, the 10th Amendment was ignored, and Woodrow Wilson led a campaign to change the Constitution to allow a federal income tax. The income tax allowed the burden of taxation to shift from import corporations to middle class Americans. Corporations, long ago empowered as legal persons at the federal level, are now able to lobby changes in laws favoring overseas production.

[mjs]

The people who crafted our Constitution didn't initially foresee it, but those asked to ratify it did. Its the whole reason they absolutley refused to ratify it before the first ten amendments were added. The country made it the first 150 years with a 10th Amendment until the Supreme Court finally gave into FDR's threats to obliterate the court by packing it with cronies that promised to ignore it. Campaign abuse was the inevitable result of Executive power abuse that feed on American desperation.