To: Lorianne
The biggest thing about this, glaring at us, is the usurping of contract law. Or rather more usurping.
2 posted on
03/25/2010 7:46:03 AM PDT by
gidget7
("When a man assumes a public trust, he should consider himself as public property." Thomas Jefferson)
To: gidget7
The biggest thing about this, glaring at us, is the usurping of contract law.True but what else can be done? The steps seem reasonable just illegal. LOL.
To: gidget7
This is good news for anyone who is tired of bearing enormous tax burdens on the state level.
And I would consider this no more a "usurpation of contract law" than a similar move by a private company to modify its pension obligations just to stay in business.
The State of New Jersey, for example, is facing a $46 BILLION pension shortfall. The state government has been signing contracts that include obligations the state simply isn't capable of meeting. Any public-sector employee who has a problem with this can now understand what those of us in the private sector consider a normal state of affairs.
9 posted on
03/25/2010 7:53:39 AM PDT by
Alberta's Child
("Let the Eastern bastards freeze in the dark.")
To: gidget7; johniegrad; Alberta's Child
The alternative is bankruptcy.
11 posted on
03/25/2010 8:20:34 AM PDT by
Hostage
To: gidget7
Why is contract law usurped? Companies retain the ability to reform their pension plans going forward. So do states. It seems that the plan is changing, but there is no talk of abrogating earnings from the old plan.
14 posted on
03/25/2010 8:32:21 AM PDT by
Jack Black
( Whatever is left of American patriotism is now identical with counter-revolution.)
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