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To: Jim McMannis who wrote (112420)	6/15/2010 10:44:06 PM
From: Hawkmoon	Read Replies (2) \| Respond to of 116555

Will be pretty embarrassing if he doesn't... And now he's got BP financing a jobs program in the Gulf, so I wonder if employment numbers will now go up? Hawk

To: Jim McMannis who wrote (112420)	6/16/2010 2:19:48 PM
From: benwood	1 Recommendation Read Replies (1) \| Respond to of 116555

The problem with any bailout (like the previous ones) is that the pension problem is just going to get worse. With demographics, job losses (less taxes paid) etc and shrinking private pay and collapsing discretionary income, the situation with public defined benefit plans is unsustainable. It's unsustainable for private employers, too, but most have jettisoned such plans (probably nearly 100% of them, if not all). And if they couldn't sustain the pension, many just dumped them and those people got pennies on the dollar. It should be no different for the defined plans for public sector either. This business of gutting public services like fire and police and teaching and parks in order to prevent the public pension bubble from deflating is for the birds.