100 US cities threatened by $2 Trillion debt crisis

[zdreg]

Quote from denner:

Exactly. I'm still waiting for a few more Crist's to attack this issue and release financial statements of just how dire the state finances are WITHOUT these entitlements and benefits.

Nobody wants to touch the issue, but honestly, we start with the legacy costs and work from there. If a teacher making $90k per year working roughly 3/4's of the year can't fund her own retirement, then tough luck.

Of course, the dirty little secret is that consumer spending would literally collapse once the public sector is unable to spend all of their current earnings with the fallback of lifetime pension earnings and benefits. Haven't seen this side effect mentioned once, anywhere.

"Of course, the dirty little secret is that consumer spending would literally collapse once the public sector is unable to spend all of their current earnings with the fallback of lifetime pension earnings and benefits. Haven't seen this side effect mentioned once, anywhere."

that is what every public union and their members would like you to believe. if you believe that argument then it is the patriotic duty of every private sector worker to dig deeper into his pocket to support the public worker and to keep the economy afloat. with that kind of reasoning the US will never get out of its economic mess.