I'll never give up on my dream of being a SAHD. D optional.
@EvanDeSimone shit I'm going to get a poorly-spelled memo aren't I?
I'm sure this article is a hoax perpetrated by mediocre bosses to make them seem less horrible. Right?
@WayDownSouth My point is simply that, as an American taxpayer, I am still responsible for repaying debts incurred by politicians I didn't vote for which went to activities and policies I think were misguided or downright wrong. In the same way that I have to repay G.W. Bush's debts, you have to repay Obama's debts. As citizens of a democracy, this is just a fact of life for both of us. In the same way, if you don't like public sector pensions and want everyone to be equally miserable in old age, fine. Vote for politicians who will take a hard line with the unions -- as voters have done in many states around the country. That doesn't mean you get to renege on your existing debts and legal obligations, though. Sorry!
@Eric18 sorry, I don't have time to argue endlessly about bond debt and pensions (only semi-endlessly!). I see from those charts that Chicago had an outstanding bond debt, with interest, of $13.87 billion in 2012. Paying for spending with general obligation bonds is TERRIBLE mismanagement, agreed, but $13.87 billion in long term, low-interest debt for a city with a GDP of $571 billion per year is not exactly apocalyptic. That's a 2.4% debt/GDP ratio, if you're counting. I'm sure Chicago's 21 billionaires and 107,000 millionaires, not to mention the millions who are comfortably middle class, will have little problem paying it off over the next 30 years, especially if the city continues providing the infrastructure and education it needs for its economy to keep growing.
@Eric18 I dunno, does the United States need to remain deeply in debt because of the corruption and mismanagement of the Reagan and Bush administrations? In my opinion the answer is "yes." They stupidly borrowed money for Star Wars and tax cuts and the war in Iraq and now we all have to pay for it, whether we like it or not, just as Detroit and Michigan residents must fulfill their contractual and moral obligations to Detroit city government retirees.
@Eric18 Quickly: A) I think the state of Michigan should bail out Detroit per their constitution; it's harder to say everyone will move out of Michigan vs. everyone will move out of Detroit (lotta rich folks in the Detroit suburbs still, as you note. Maybe even folks who once had their trash hauled by city retirees before they fled.) B) I listed several possible solutions above C) Yes, by leadership on the left I do mean that the left needs to recognize their is a problem with pensions and come up with some kind of proactive solution, rather than denying the problem. I'm not saying public sector unions and Democratic city governments are blameless here, clearly.
@garysixpack weird that Wall Street HATES the idea of bailing out public pensions, but they're just fine with PBGC taking over, say, airline pensions when they restructure. Does moral hazard not apply to the private sector? (The counter-argument, of course, is that private pension providers are both bound to specific standards and actually pay money for their insurance -- exactly what I'd like to see happen to public pensions.)
@garysixpack out of curiosity, just what do you think the average public pensioner makes per month?
OK one last thing: in Illinois and a number of other states, government employees are NOT covered by social security. Mull that one over for a second before you support cuts.