Strike 1! Strike 2! Strike 3!! We're out!!

[Rich Weese]

The tech bubble bursting was our first strike. It put us "the batter" in a hole.

The real estate bubble gave us "strike 2". Bigger hole.

Strike 3!!!! I think we could be taking the final swing at present. I've done a "little" study and research on current pensions owed by states and city/municipalities.
Currently there is approx 1 TRILLION owed by states. Many are in trouble as we know. We don't hear as much about cities, but they're also currently on the hook for approx 1 trillion.
If a city can't make the payments, what do they do? Bankruptcy , raise taxes or ask the State for help? Will the State help them? If they're already broke, what do they do? BK, raise taxes, or ask the Fed for help? What does the country do? Go BK, raise taxes, or what??????

I really think this needs to be addressed. Gov Christie is trying to re-negotiate with various entities on pension amts. If he doesn't get unions to work with him, Could he declare BK for the State? Then , he could re-negotiate contracts, pensions etc. Correct?

Like the tech problem bubble, and real estate bubble, nothing was done before serious crisis had hit. When will we get the sniff that this is a problem!!

The problem is the govt backed unions in my opinion. A public retiree receives a HUGE amount more than same worker in private sector. Example: NYpensionbond.org has info.

NY public retiree averages 13K annually. For same job,
NY private retiree averages 27K annually.

Anyone else out there have additional info, conflicting info or ways to make me feel less concerned about this possible STRIKE THREE??? I hope so. Rich