[quote=SK in CV][quote=SD Realtor]
Hiding behind poorly written pension contracts or antiquated requirements seems to be your path chosen here rather then going, okay that was a major f-ck up, let’s try to make things right.[/quote]
I agree with trying to make things right. But what you’ve proposed is changing a contract. And it’s no more easily done on a very straight forward pension agreement than it is on a very straight forward bond contract agreement. That one was a bad idea in the first place doesn’t make it any easier to change.[/quote]
Exactly.
I would also point out that the pension costs are the payments required to maintain the social/legal/safety infrastructure of the state. There is no difference between promises made to bondholders and promises made to people who do the actual work that enables us to live in a civilized society. If anything, pensions have a priority position above bondholders, since employees (including retirement plans) have priority over bondholders in a BK.
