Exactly Senator Paul.
We’ve covered this issue multiple times in the past. As The Times article below points out the Obama Administration basically appropriated funds without Congress (It’s not supposed to work that way.) in an effort to indemnify health insurers who were hemorrhaging money due to Obamacare. Without the money Obamacare would have failed even more quickly.
Obama and company thought they’d get away with it. If they could limp along until President Hillary Clinton came in the White House then they could dump this problem in her lap.
One of the main reasons California in all its anti-Trump rage isn’t going anywhere anytime soon is because the state knows that it has a massive government employee pension problem and that it will one day have to call on the rest of the United States to “solve” (bailout) this problem for them. Watch.
But the rest of the country isn’t in great shape either.
This is one of those things that few will pay attention to until it’s a 5 alarm fire.
I’m surprised that this hasn’t happened before to Government Sachs.
Every once in a while, in a great while, a bit of sanity shines through.
Oh, America “understands” it.
Hey, the insurers have got to get paid and we’ve got to make sure Obamacare limps through the last few months of Obama’s administration. Between not getting to nominate a Supreme Court Justice, the recent veto override by Congress, the Iran payoff bit, the Comey pass for Clinton, and the racial strife Obama’s not going out well. If Obamacare finally and truly died that’d just be icing on the legacy cake.
Oh thank goodness, the public pension unicorn has come to save us!
Many people still don’t know that the bailout of GM and Chrysler was about bailing out politically important UAW union members with your money as much as it was about bailing out of 2 inferior car manufacturers with your money. (Though I must admit I had a Town and Country van that was pretty good – mostly. Not like my Honda, but still pretty good.)
For years prior to the 2008 Crash financial people had hemmed and hawed about the unsustainability of the auto worker’s pensions.
It’s your money not the government’s.
Don’t let the politicians and government apparatchiks off the hook. They spent too much for decades and all across the country politicians are calling out for more. Look to Puerto Rico, Detroit, soon Illinois, California, maybe Connecticut. Save us!
Don’t let the politicians bail themselves out. Hold them accountable.
And remember, bailouts for local and state governments are also bailouts for Wall Street which holds the bonds.
How great of the House. Thanks for setting a precedent for states like Illinois, and California which will soon see shortfalls due to overly generous government worker pensions and will soon also be begging Washington to save their overspending posteriors. By which we mean Cali and Illinois will be begging Washington to force US taxpayers to save them. I mean if lowly Puerto Rico can get a “rescue” surely mighty California can get one.
It’s been almost 8 years since the Wall Street crisis, the bailouts, the banker fear mongering, the panic, the implosion of mythic proportions.
The folks in Washington are trying to bail out Puerto Rico with taxpayer money. Watch, as Illinois and other states and cities with massive government sectors and high taxes continue to crumble they will start agitating for their own bailouts. Again I say it’s time to consider carving out the big cities. They seem to hold the rest of the country in contempt anyway. I say let the big government islands bail themselves out if they fail to come to terms with fiscal reality.
As we’ve said before Puerto Rico is Detroit with palm trees. Its massive patronage system, its army of “public” employees and big government generally bankrupted the island. Now the Dems want the government employees to get the pensions for which there is no money, all the while stiffing the people who lent Puerto Rico the money it now owes.
There are pretty much no good guys here. The government workers are to blame. The bondholders knew they were buying sketchy stuff but assumed they’d be indemnified.
The refrain from politicians and Wall Street has now become all too familiar.
Bail us out or the world will blow up! Financial dysfunction will catch like wildfire. If you don’t give us piles and piles of money (taxpayer money of course) you may just wake up to a world which is a smoldering cinder. It will be Mad Max in the streets. The sun will go down and never come up. In short, do YOU Mr.