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- Feb 16, 2016
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Giving Financially Mismanaged States a Bailout Is Morally Reprehensible
29 Apr 2020 ~~ By Jeff Webb
“Never let a crisis go to waste.” Those now infamous words ring as true, maybe truer, today than ever before and the current crisis is no exception. In the wake of the coronavirus pandemic, Americans are witnessing a new epidemic emerge—an epidemic of middle-class theft. Politicians in states that have been fiscally irresponsible for decades, amassing massive levels of debt and unfunded liabilities are coming hat in hand to the federal government—to you, the middle-class taxpayer—in an attempt to exploit our current health crisis to solve their financial mismanagement.
Such exploitation rightfully begs the question: why should the taxpayers of fiscally responsible states be forced by the federal government to bail out the states who failed, in many cases for decades on end, to wisely and responsibly manage their finances?
In fact, the systemic mismanagement of state finances by many, arguably most states, dates to well prior to the current health crisis and is not limited to merely pension fund obligations. Let’s take a look at the financial stewardship of the four states referenced above:
Illinois: Current debt $165 billion
New York: Current debt $349 billion
New Jersey: Current debt $95 billion
Michigan: Current debt $73 billion
Each of these states, along with many others, was running budget deficits prior to the coronavirus. So, again, we are forced to ask the question: why should the taxpayers of fiscally responsible states be forced to clean up the mess and foot the bill for the fiscally irresponsible ones? As Washington gets ready to look at yet another round of coronavirus relief and with the U.S. national debt rapidly approaching $30 trillion, Congress must reject any notion that the citizens of another state should be forced to bailout the irresponsibility of another. Failure to do so will result in yet another unfair financial burden being redistributed to today’s middle class and tomorrow’s children and grandchildren.
Comment:
It is pretty obvious to me that the next time the PMS/DSA Democrats grab power in the US, they will bail out the Blue States that have failed to control spending, pension plans, and address their fiscal problems through anything other than higher taxes.
In fact, there is a decent chance they will pass a living wage and other big ticket dreams as part of the “Green New Deal” along with draconian environmental taxes, regulation, and restrictions that will kill a significant number of jobs.
Will our nation allow this?
Sadly, after observing events in the last month I have changed my answer to the unthinkable. On top of that, they will gut the military and bow down to the UN once again and pay homage to China.
When do the citizens of America call a halt to taxation they just can't afford. When our family budget is tight, we have to make decisions about what we will do without to pay for the necessities. Shame we didn't get that balanced budget amendment prior to this happening. I think government pension/retirement systems would be a good place to start. As a public servant you were elected to serve, not be set on a throne the rest of your life. We have to start thinking term limits for those we elect.