State by state, county by county, city by city: they will default. The money is not there. The promises were huge.
New Jersey’s governor Christie is touring the state, telling the voters that the state will break promises to retired government workers. He is doing what other government officials refuse to do: tell the truth early.
The public employees were told to trust the state. Silly people. They believed the promises: above-market salaries, tenure, and fat retirement benefits, including health care. Now fiscal reality is intruding. This has barely begun.
A few New Jersey retirees are protesting. These protests will do no good. You can’t extract income out of a state that is over-taxed, over-regulated, and running deficits. The gravy train is about to run out.
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This will be happening everywhere-every city, town, county and state in the nation shortly.
ReplyDeleteGovernment employees want want want.
They are not entirely to blame.
Residents want want want.
All too stupid to figure it out. It's not rocket science. The tax base is shrinking, not only property but income tax. It's right in front of them but they still are running around with their hands out wanting more. Not a thought in their pea brains about their own children's future that they profess to love. They don't love anyone but themselves. The worst kind of parent a child could ever have.
We see it right here locally. They want new firehouses, new this new that.
I would like to see the retired employees who are going to loose their pensions go after the elected officials and I believe it will happen. Fat a$$ Christie would be the first person I go after. When it happens in Maryland I will go after every Democrat.
ReplyDelete