By Mary Pat Campbell, includes “… I am going to explain why for those particular states, under any reasonable real bankruptcy process, the pensions would have to be cut. The short reason is: even if these states defaulted on all their bondholders, they still wouldn’t be able to support their pension systems. … I am going to use Truth in Accounting’s numbers for states, so that we can look at the source of each state’s debt. I’m going to pick on Illinois and New Jersey, specifically, because of course I am. Also, they’re at the very bottom of TIA’s list. …”
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