Deadbeats Bush and Gingrich Say "States Better Off Bankrupt"

[autorank]

http://www.economicpopulist.org/content/deadbeats-bush-and-gingrich-say-states-better-bankrupt">Deadbeats Bush and Gingrich Say "States Better Off Bankrupt"

By Michael Collins

Not if a state owes you money!

Jeb Bush and Newt Gingrich just published an OpEd in the Los Angeles Times arguing that states would be wise to consider filing bankruptcy to relieve their financial troubles. They cite three states, California, Illinois and New York, while failing to mention the angry elephant in the living room with similar problems, Texas.

Texas faces a $25 billion shortfall for a $95 billion two-year budget. That equals California's 18-month deficit inherited by the recently inaugurated Governor Jerry Brown.

"So why haven't we heard more about Texas, one of the most important economy's in America? Well, it's because it doesn't fit the script. It's a pro-business, lean-spending, no-union state. You can't fit it into a nice storyline, so it's ignored," said Business Insider

Link: http://www.economicpopulist.org/content/deadbeats-bush-and-gingrich-say-states-better-bankrupt

[Turbineguy]

1. Well, they would like to be thanked

for their work to make it possible.

[autorank]

6. Free tickets to Dubai World

for them and their Wall Street and Big Bank pals. Without them, we'd have a great chance for
success.

[movonne]

2. Sure they do...until the corporations can take over state by

state...buy them up...

[The Backlash Cometh]

3. What do they call them? Trust fund babies?

Our country has been brought down to its knees buy the trust fund generation.

The, "I got mine and now I want yours," mentality.

[denverbill]

4. Individual bankruptcy=Personal irresponsibility. State bankruptcy=No problemo.

Every state in the country can pay their bills simply by raising taxes slightly. The debts incurred by the states are the responsibility of the people of the state. Many Republican legislatures (like CO) cut taxes in the middle of the Clinton boom and now are paying the price.

The primary motivation of these right-wing assholes is trying to abolish the states pension obligations to teachers and other public service workers.

[autorank]

7. Their motives are highly suspect

Given their records and the absurdity of their position. Great point about the CO leg - yep, lower taxes and then scream 'we're out of money.' One trick pony routine non stop.

[Atticus]

5. In Illinois, state employee pensions are, by express constitutional provision, contract rights

that cannot be diminished. They are considered already earned compensation which is owed to the employee.

Do these bloodthirsty bastards really want to allow the Federal government to overrule the constitutional provisions of a sovereign state just because they think them temporarily ill-advised?

Try selling that one to the Tea Party, but better wear your Kevlar when you do.

[old mark]

8. We are all better off as long as those two people are unemployed...nt