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I'm glad partisanship is breaking out in Washington, but wish both parties could come up with some new ideas.
8 yrs of Reagan, 4 yrs of Bush I, 8 yrs of Bush II. Thats 20 yrs of economic data PROVING that trickle down Economics doesn't work.But all we get is the same tax ideas from the Republicans.
Currently 86 percent of Govt revenue comes from the top 25 percent of Americas earners. But all we get from Dems is tax the rich.
Good morning arlewill
The loans from the Federal government was a, tongue in cheek, comment, but as you well know loan guarantees or grants can be structured without the need to print money, which I am against.... California is in debt to the tune of $19 billion; let's just say for argument's sake $5 billion is due to lavish public pensions... We could easily grant a $14 billion, loan instructing them to negotiate the public pension on their own.. There's still housing foreclosure money left, and this might be a better project for the Fed. California has a lot of collateral they could put up. They could structure a loan to finance the upkeep of Fort Ord or the port of Long Beach.
I don't agree your interpretation of the Recovery Act; it was set up to save the jobs of the firemen policemen and teachers. The fact that they were members of a union did not play any part in that decision. In a recession, you want to continue educating, and you don't want the chaos of cities and states without enough law enforcement and firemen. Texas had its share of Federal grants without pay back to labor unions.
In June & October of this year, I posted two blogs in support of restructuring public union contracts. What I didn't mention in those blogs is full accountability.... Governor Christie of New Jersey is going after teacher credit unions but New Jersey has not paid their matching funds for several years. New Jersey like many other states has been mismanaging their budgets for years, and this crisis exposed that fact, big time. It's only natural that a republican governor would use labor unions his scapegoat. The people of New Jersey are not buying that argument.
California, Florida, and Nevada were hit the hardest when the housing bubble collapsed.. That is the main cause of their problems.... California is suffering because of Prop13, which made it darn near impossible to raise property taxes when they kept handing out the goodies.
I believe in the 50 state unions, and we cannot preach about budget shortfalls because our own state has about an $18 billion shortfall. We are all in this together because we have benefited from the innovations and contributions of other states and vice versa.
My sincere thanks for your civil comments throughout the year.... I wish you and your family a Merry Christmas, Happy Holidays and a Happy New Year.
MikeIn my opinion TARP worked because business receiving the money had to pay it back or go under.The Recovery Act to the States was a payback to public service unions and perpetuated the pension problem facing the States. States like Calfornia, Illinois, New York and others took the money and expect the Federal Government to provide future funding so they can avoid bankruptcy. Loans from the Federal Govt (which can print money) to these States will not be paid back. As a taxpayer in Texas, I do not want to pay for these lavish pensions in States that have managed their business poorly.
I guess it's what they call a Christmas miracle!!!! : )
VBB, a very Merry Christmas and a happy New Year to you and your family.
If you're happy; I'm supposed to be angry......Not,this time...:-)
Merry Christmas & Happy New Year to you too Mike!
I will have to say I have no complaints about any of the legislation of late, in fact, I have been pleasantly surprised. Wonders never cease!!