By Charles C. Schoenau
December 20, 2010
This is just the beginning of layoffs and benefit and pensions cuts!!!! Did you see 60 minutes tonight!!! NJ has 56 billion of unfunded and unaffordable pension and healthcare benefits which it does not have the money to pay for . Illinois has $6 billion of past due bills to people and firms, charities, and organizations, who have done work for the state and the Illinois is about 6-7- months behind in paying people because it does not have the money.
NY State is going to cut $2 billion in payments to NYC this year and NYC has its own huge deficit. The cities are going to default first because the states cannot meet its own obligations without slashing city funding and spending, on state jobs, and most importantly long term unfunded pension and healthcare benefits to public employees who have been irresponsibly promised benefits which are not adequately funded and will never be adequately funded without eliminating about 50% of state and local workers from the payroll and cutting vast amounts of other unaffordable Medicare,. Medicaid, and other long term commitments. The electorate and hopefully the politicians are on notice that state, local, teachers, fire and police cannot have lifelong pensions and healthcare benefits which are not available to any private workers who are fired frequently and have no job security or benefits. Everyone realizes the realignment necessary to save the solvency of our country, Federal, State, and Local. The realignment is going to involve hundreds of municipalities filing for a form of bankruptcy and the states dramatically cutting its commitments to cities and its citizens and workers to bring the reality of economy to all citizens including those formerly irresponsibly promised benefits which were fantasies to begin with but are now clearly exposed as irrational unreasonable payments and healthcare coverage for life