You think the federal deficit is as bad as it gets? Think again. A CBS 60 Minutes segment paints an ugly picture about what might be coming to state and local governments near you.
Now, apply the same terms used to describe the federal government's attempt to cover up hidden deficits – "financial irresponsibility," "reckless spending," "unrealistic state employee benefit packages" and "political gimmicks" - to Kentucky.
The federal government is too busy printing money and trashing our economy to give any more to states.
What's going to happen to the city and county governments in Kentucky when the state can’t pay their bills? What happens to the entities owed money by the state that don’t get paid?
It’s time to think hard about this and demand our elected officials address the tough financial issues and stop the gravy train ... now.
2 comments:
If you had any understanding of capitalism, you would know what Adam Smith's solution is: Find another source of revenue.
I'd remind you that in 2009, derivative transactions amounted to $600 trillion. If a maxed out 5% proportional rate had been applied to that source, that would've generated about $30 trillion to the treasury.
And need I remind you about the $1.5 trillion in bank laundered drug money? At the same 5% proportional rate, that would generate about $75 billion.
That's a whole lot more than the $21 billion that an estate tax would generate.
But, being the feudalists that you are, you have no stomach for capitalism.
Hempy,
I guess you will never get it, but most of the rest of us understand it isn't a revenue problem -- it's a spending problem.
That was the message from the recent election which voted out a bunch of people who think like you do, and a lot of new legislators seem to finally be getting that signal.
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