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Thread: If people can walk away from their mortgage - then why not taxpayers walking away...

  1. #1

    If people can walk away from their mortgage - then why not taxpayers walking away...

    from funding government employee pensions. if it is no longer economically viable to do so - why do it?



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  3. #2
    Because the government has guns to enforce their "contracts" (signed at gunpoint, BTW), while mortgage holders do not. Or rather, the government gets to use them, while others do not.

  4. #3
    The difference is probably because people don't have to worry about ~70 years in prison for walking away from their mortgage.
    Quote Originally Posted by President John F. Kennedy
    And we must face the fact that the United States is neither omnipotent nor omniscient. That we are only 6% of the world's population, and that we cannot impose our will upon the other 94% of mankind. That we cannot right every wrong or reverse each adversity, and that therefore there cannot be an American solution to every world problem.
    I need an education in US history, from the ground up. Can you help point me to a comprehensive, unbiased, scholarly resource?

  5. #4
    i mean taxpayers pushing for greatly reducing or eliminating govt. pensions... and many govt. subsidized benefits that we just can't afford.

  6. #5
    Quote Originally Posted by cbc58 View Post
    i mean taxpayers pushing for greatly reducing or eliminating govt. pensions... and many govt. subsidized benefits that we just can't afford.
    I don't think most taxpayers have a clue how out of control municipal pensions have got, especially compared to eroding private pensions.
    We need immigrants in this country. What we don't need is politicians. Get rid of them! - Peter Schiff

  7. #6
    Quote Originally Posted by cbc58 View Post
    i mean taxpayers pushing for greatly reducing or eliminating govt. pensions... and many govt. subsidized benefits that we just can't afford.
    Well, to be honest, that would require too much forethought. I think that somewhere deep down, most people have the basic delusion that the government will always somehow be able to pay its obligations, because it's the government. (In a way this is true, because the government will likely monetize the debt in the end, but that doesn't really count as paying its obligations. ) I mean, the continued existence of Social Security is a testament to this, and I think too many people think ignoring the elephant in the room - or shuffling it into another corner - will make it magically go away. As long as people are willing to pretend Social Security is not utterly doomed, there's very little chance of them even sparing the pension problem a moment's thought.

    From my standpoint, it's mind-boggling that anyone in the history of mankind ever thought that Ponzi schemes like pensions of any kind were in any way a fiscally responsible way to handle retirement in the first place. The very creation of pension funds made their painful collapse inevitable. Just give me an intelligent company that pays me more while I work instead, so I can invest in my own retirement, please.
    Last edited by Mini-Me; 01-13-2010 at 10:32 AM.
    Quote Originally Posted by President John F. Kennedy
    And we must face the fact that the United States is neither omnipotent nor omniscient. That we are only 6% of the world's population, and that we cannot impose our will upon the other 94% of mankind. That we cannot right every wrong or reverse each adversity, and that therefore there cannot be an American solution to every world problem.
    I need an education in US history, from the ground up. Can you help point me to a comprehensive, unbiased, scholarly resource?



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