Puerto Rico Declares Bankruptcy

[David Horn]

(05-09-2017, 03:52 AM)Galen Wrote:

(05-08-2017, 10:02 AM)David Horn Wrote:

(05-06-2017, 06:36 PM)Galen Wrote:

(05-06-2017, 09:26 AM)Odin Wrote: PR needs statehood ASAP. It's current status puts it at the mercy of Congress, it's a colony that has no legal autonomy other than what is granted to it. Independence would be bad because IMO it being a US state with it and it's people protected under the US Constitution would be far better than it being just another Latin American nation constantly being fucked with by American corporate interests.

I don't see how that will help since public pensions are in the process of eating state budgets.  I suggest you consider Illinois to be prime example of this.  Just another example of the fiscal mismanagement that is so common in the public sector.

Yeah, they should just cancel them like the private sector has done.  And I say that without defending the PR government.  They've done a miserable job for a long time, but they didn't just flush their employees down the drain with they didn't need them anymore.

Your wishes do not trump mathematics and the limitation of finite resources.

So you favor the private enterprise example of underfunding and abandonment then?  There are no good actors here.  The fact that entities of all stripes were systematically allowed to underfund their pension systems reflects badly all around.