They all laughed when I said they would come for the pensions next

Policymakers are working behind the scenes to come up with a way to let states declare bankruptcy and get out from under crushing debts, including the pensions they have promised to retired public workers.

Unlike cities, the states are barred from seeking protection in federal bankruptcy court. Any effort to change that status would have to clear high constitutional hurdles because the states are considered sovereign.....

Should such legislation be brought about, and what were considered safe and secure state pension funds be diverted or collapsed, it will put those people who had counted on that money for retirement at grave risk.....

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