I see that United States Senate Majority Leader Mitch McConnell is suggesting bankruptcy for state and local governing agencies who are experiencing financial difficulties due to the Covid 19 pandemic.
This is his solution, instead of seeking support from the Federal government. I am not sure this is legal under the United States Constitution.
But should it occur I can assure you that employees and retirees of the various state or local agencies will end up at the very bottom of the bankruptcy totem pole.
I speak from personnel experience. The corporation who administered my benefit package filed bankruptcy. The result was that the 364 retirees and employees who were covered by the benefit package lost all coverage, according to the bankruptcy court, the amount was in excess of $44 million dollars. Under the current bankruptcy law, I believe the state and local agency employees and retirees would suffer the same fate that I and 363 of my former co-workers endured.
With the upcoming elections I will look long and hard at all state and federal candidates, and decide if they would be in support of Majority Leader McConnell’s position on state and local bankruptcy, if they are, they will not get my vote. If you are a state or local government employee or retiree you should consider doing the same.
Your future financial well-being may depend on your vote.
Floyd R. Sayre