States Bankruptcy Bailouts Being Considered

Pension funds is the primary target. Retirement funds should not pay the same as the wages you retired at. That's obscene.

This news from NYTIMES

Here is an excerpt about how the state funds might be dealt with.

Bankruptcy could permit a state to alter its contractual promises to retirees, which are often protected by state constitutions, and it could provide an alternative to a no-strings bailout. Along with retirees, however, investors in a state’s bonds could suffer, possibly ending up at the back of the line as unsecured creditors.