Thursday, April 9, 2009

Governments Are Going Broke

The news of California's economic demise is well documented. Now, we are seeing that many other governmental agencies are facing similar circumstances. The days of reckless overspending are coming back to haunt these local and state governments. And, it serves them right.

Today, the mayor of New York announced that the city needed to undergo massive layoffs to prevent going bankrupt. Of course, it should come as no surprise that unions are at the center of the issue. New York will have to lay off as many as 7,000 employees unless concessions in benefits are made. This is according to an article run here.

How is this any different then the situation confronting General Motors? Management made poor decisions for decades spending on ideas that missed what the market needed while the unions presses (and received) wonderful contracts which destroyed the company. We see a similar story being run in government. Reckless politicians spent money without regard of how it would be paid back while conceding to the unions. Now, GM and many governments are facing bankruptcy.

Personally, I am glad to see so much trouble across the country. Government is addicted to tax revenue. Politicians spend without regard to the consequences of what they do. Campaigns are full of promises of "handouts" without any thought to the future. Today, the future is here.

Of course, areas like New York and California are going to solve this problem by raising taxes. We already saw some of the proposals the Governor of New York offered. If it moves, he wants to tax it. Typical government mindset. They screw the budget up and feel entitled to have the people give more. This is absolute bull crap. The time is near that the politicians are held accountable for their choices. Perhaps we could have them personally guarantee all their decisions. You put the government in debt, we, the people are entitled to all your money. That is a tidy sum with some of these politicians.

I am predicting there will be a tax revolt in the next few years. The way these idiots in government are spending money, those who are in a position of high net worth will not like giving more to the corrupt politicians. If the top 3% decided to withhold their tax payments, we would see the government stopped on a dime. This is what America needs. Let the politicians figure out how to keep their campaign promises without any tax dollars. If they want it, let them fund it.

The revolution is nearing. We are seeing the signs of it all over the country. People are angry. These politicians think it is business as usual. They better wake up soon.

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