Join Early Retirement Today
Thread Tools Search this Thread Display Modes
more on state bankruptcy
Old 01-24-2011, 11:02 AM   #81
Recycles dryer sheets
Join Date: May 2007
Posts: 213
more on state bankruptcy

there was a recent thread on state bankruptcy and over the weekend I heard some talk of it on the news shows.

this is from the NY times talking about it. "Bankruptcy could permit a state to alter its contractual promises to retirees, which are often protected by state constitutions, and it could provide an alternative to a no-strings bailout. Along with retirees, however, investors in a state’s bonds could suffer, possibly ending up at the back of the line as unsecured creditors."

I thought this would be of keen interest to the many here who have state pensions.

52andout is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 01-24-2011, 01:12 PM   #82
Full time employment: Posting here.
Join Date: Oct 2009
Posts: 785
No question it is going to get very ugly at some point on the state and local pension front. Most likely will be resolved through a combination of layoffs, increased taxes and increased contributions/diminution of pensions.

Knowing politicians (which are beholden in most cases to the public unions) they will put off the inevitable as long as possible. But one of these days it will have to happen.

LARS is offline   Reply With Quote
Old 01-24-2011, 01:47 PM   #83
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Gone4Good's Avatar
Join Date: Sep 2005
Posts: 5,383
It seems like a legal framework to restructure state finances is something we should have as a matter of course. The timing may not be ideal, but why doesn't this already exist?

Having said that, I don't think any state is at risk for bankruptcy. There is no state that is even close to maxing out its potential revenue streams AND bumping up against constitutionally mandated spending constraints. Bankruptcy at this stage in the game would be a political choice, not a financial imperative.
Retired early, traveling perpetually.
Gone4Good is offline   Reply With Quote
Old 01-24-2011, 02:02 PM   #84
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RonBoyd's Avatar
Join Date: Dec 2007
Location: Denver, Colorado
Posts: 5,126
Originally Posted by 52andout View Post
there was a recent thread on state bankruptcy ...
What is the probablity that your State Bankrupts?

Specifically, here:

What is the probablity that your State Bankrupts?
"It's tough to make predictions, especially when it involves the future." ~Attributed to many
"In theory, there is no difference between theory and practice. But, in practice, there is." ~(perhaps by) Yogi Berra
"Those who have knowledge, don't predict. Those who predict, don't have knowledge."~ Lau tzu
RonBoyd is offline   Reply With Quote
Old 01-24-2011, 02:48 PM   #85
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
freebird5825's Avatar
Join Date: Feb 2008
Location: East Nowhere, 43N Latitude, NY
Posts: 9,019
Originally Posted by scrabbler1 View Post
As a New York State resident, I am not going to weep much for Illinois residents who will be paying 5% (the top rate, I assume, although I don't know at what income level it kicks in at). Here in NYS, the 5% income tax rate kicks in for single filers at $11,000 with a 6.85% rate kicking in at $20k and even higher rates at incomes into 6-figures (although they may be getting sunsetted this year).

New York City had a non-resident income tax, called the "Commuter Tax" which got repealed in 1999. It was 0.45%. The repeal applied to NYS residents who did not live in NYC but I am not sure what happened to out-of-state residents such as those who live in New Jersey or CT. There have been proposals to reinstate the Commuter Tax but the NYS legislature lacks the votes to pass it.
There's a new kid in town....everybody's talkin (a la the Eagles song)

Let's see how he does. He was the Attorney General, so he knows the law much better than the NYS legislative cronies members.

"All our dreams can come true, if we have the courage to pursue them." - Walt Disney
freebird5825 is offline   Reply With Quote
Old 01-24-2011, 05:31 PM   #86
Gumby's Avatar
Join Date: Apr 2006
Posts: 9,214

I merged the two threads.

Living an analog life in the Digital Age.
Gumby is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
State residency for Armed Forces personnels for in-state college tuition. Sam Other topics 9 07-30-2007 05:06 PM
Why does health insurance vary state to state teejayevans Health and Early Retirement 130 04-22-2007 09:21 AM
I'm 51 y.o., female, state employee with 30 yrs state service 82577 Hi, I am... 4 03-26-2007 05:21 PM
The 51'st state? cute fuzzy bunny Other topics 64 04-21-2006 11:08 AM
Re: Getting Everything You can From The State? MRGALT2U FIRE and Money 36 04-10-2005 12:28 AM


All times are GMT -6. The time now is 03:25 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.