Posted on 06/06/2020 3:24:56 PM PDT by karpov
American workers and businesses have had to cut their spending for weeks amid the pandemic, but in America’s most spendthrift states the message is: What, me worry? House Speaker Nancy Pelosi has a plan to bail them out, and if she fails Joe Biden will deliver in 2021.
Take California, where Democratic leaders in Sacramento this week rejected Gov. Gavin Newsom’s plan for budget triage that included a $14 billion spending cut, suspension of union raises, plus a 10% pay cut for state workers. Mr. Newsom also called for a $4.4 billion increase in business taxes by eliminating certain deductions and credits.
The Legislature pocketed Mr. Newsom’s tax increase, naturally, and raised him $14 billion in spending. Its plan moves cash around state budget accounts and counts on the “strong likelihood” of a federal rescue, Assembly Budget Chairman Phil Ting candidly said.
Other blue states are making the same bet. Last week Illinois Democrats approved a $43 billion budget—6% larger than last year’s—that includes a $261 million pay raise for state workers. The budget authorized $5 billion in borrowing to fill a deficit until Speaker Pelosi’s Operation Bailout arrives. This week the Prairie State become the first to tap the Federal Reserve’s new state and local government facility after it tried and failed to borrow $1.2 billion in the bond market. Illinois and its cities have already received $8.3 billion from Congress’s previous three relief bills.
On Thursday New Jersey’s Assembly approved $5 billion in borrowing to tide spending over until a federal care package arrives. In April Democrats in New York enacted a $177 billion budget that increased spending by $2 billion and authorized $11 billion in borrowing, though Gov. Andrew Cuomo thinks this budget trick is too risky for New York City Mayor Bill de Blasio to try
(Excerpt) Read more at wsj.com ...
Brain dead Joe BiteMe will never be president.
If Biteme was even close to the WH, these riots would never be happening.
Generalissimo Cuomo is already threatening to cut schools, hospitals and police 15 or 20 percent. No mention of laying off state workers or any cost cutting whatsoever
This is what I believe. They think a democrat is going to win and all debts forgiven.
For nearly four years now, they've been trying to right the grievous wrong of the '16 elections, but you have resisted. The media, the courts, diplomats, alphabet agencies domestic and foreign, all recruited and utilized to get Orange Man out of the WH, but came up short. Even the threat of Global Epidemic with economic disaster attached didn't dislodge Trump - He and the economy came roaring back.
The class-envy card, the p***y-grab card, the Russia card, even the race card didn't work. Throw 26 million people out of work, overnight, to kill the economy, didn't work.
So now they have to destroy the dollar by spending that would embarrass drunken sailors. Spend so much, and borrow so much, so fast, that the world loses confidence in the dollar. America goes down, taking most of the world economy with it. Biden inherits a smoking ruin, but the end justifies it, right?
But what if Trump wins anyway?
No, their debt isn’t to the public or the FedGov. It’s to their public sector unions. They have been paying their union workers princely sums in retirement, full pay plus generous healthcare, etc. Some leeches in these blue states manage to secure themselves multiple pensions by holding several BS jobs at once. Their pensions are exhorbitant and they are crippling those states. Eventually that house of cards will crash down, it’s inevitable. They are hoping that they will get FedGov cash ... lots of it ... to fund their pension funds.
The slogan “Not One Penny!” should become our reply to Democrat Blue state fiscal corruption and irresponsibility. They are in no position to demand anything.
Besides, we can’t afford to endlessly bail out these idiots... unless... certain conditions are met.
One, major fiscal reform, spending and tax cuts. Totally eliminate wasteful and unconstitutional state programs and agencies.
Two, balanced budget amendments added to all Blue State constitutions, with iron-clad budget constraints that cannot be overridden by corrupt legislators.
Three, comprehensive audits of all state spending, going back at least 20 years.
Finally, removal from office of all the corrupt Democrat politicians that caused their own economic collapse, based on the law breaking uncovered during phase Three. Then we will bail them out.
They will never agree to that, like they have a choice! So, our reply is “Not One Penny!”
There's no con game in existence where you can (A) haul big bucks, stash it away in a numbered account, and NEVER face accountability,........
(B) pocket several pensions, endless perks, eternally off govt programs designed for "the poor, the children and the environment" .... ..
even your spouse is guaranteed a $175,000 payout when you kickoff.....so you can spend more on your girlfriend now.....
All courtesy of taxpayers.
All funds held pending until then.
Exactly right.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.