Treasurer: Calif. Bankruptcy Not Necessary

[warrior1]

http://sacramento.cbslocal.com/2011/01/24/treasurer-calif-bankruptcy-not-necessary/

SACRAMENTO (CBS13) – State officials are pushing back against a Congressional effort to allow states to file for bankruptcy, saying California can still pay its bills.

Congressional members have been discussing the idea after former House Speaker Newt Gingrich said states would need bankruptcy to renegotiate retirement benefits they can’t afford.

California Treasurer Bill Lockyer said the “pension monster boogeyman” is being blown out of proportion for political purposes, and said bankruptcy is not necessary for struggling states.

snip

This is why you elect democratic candidates to hold public offices. They will not make a class of people (union members and state workers) into scapegoats. Elections do matter.

[still_one]

1. The only people floating the idea of state bankruptcies are extremists. The states are NOT

corporations, they cannot go bankrupt. They have the capacity to raise taxes for revenue. The idea is not only insane, but it would cause a worse financial situation then what we are in right now, and the country would be in the dark ages for years to come

[WhiteTara]

2. Lockyer was a great Insurance Commissioner too.

California will be thriving with Dems in control. I may be sorry I left.

[DCBob]

3. That's good news..

Hope its true but I would like to hear what some other states have to say like Illinois.