A bunch of governors went to Washington yesterday and asked Congress to send them tens of billion of dollars to help them balance their budgets. So, taxpayers in Texas can help the citizens of Michigan. According to The New york Times, "Appearing before separate congressional committees, they said that their states, like many others, had already moved to address budget deficits."
It is not unfair for people paying federal income tax to ask why these states did not put aside money into "rainy day" funds when their treasuries were doing well. What about cutting down on all of those people who plant trees in state parks or the guys who mow the governor's lawn? What about the receptionist in the state assembly? Shouldn't all of those calls go directly to state officials?
Governors like to spend their testimony time talking about all the hospital they have to close and the police they may have to fire. Of course, they don't show up with budgets taking out the cost of the state helicopter of the doughnut budget for the state highway patrol. Why should anyone with those perks suffer?
Douglas A. McIntyre is an editor at 247wallst.com.
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Reader Comments (Page 1 of 1)
10-30-2008 @ 11:59AM
andy abraham said...
Such an interesting comment since so many people are clammering for Municpal bonds and General obligation bonds as safe instruments... This seems to bring that into question..
Andy
www.myinvestorsplace.com
10-30-2008 @ 12:17PM
Donna said...
This is too complicated a matter to subject it such few words contained in this article. There are not enough particulars to speak on this subject with an opinion that bestows knowledge.
10-30-2008 @ 12:47PM
Gary E. Sattler said...
About 30% of the people who are employed in this country work for the government. Take that for what it's worth.
Municipal bonds are dumb money right now...please, stay out!
10-30-2008 @ 1:20PM
ajgittner said...
I believe the state governments are in trouble for some of the same reasons the Federal Gov`t. is in trouble. You cannot promise employees that after 20 years they can retire with 85% of their pay and full or nearly full benefits for the rest of their lives. Most of these employees retire and then go to work for other agencies or industry and then double and triple dip with pensions and social security. This is coming back to haunt most of the states.It will be the residents of those states that have to honor these unfair promises.
10-30-2008 @ 4:54PM
eehy said...
rob,steal,,kill if necessary,,thats what our gov does everyday,,,,we hire the noosmaker,,,so why not fire him,,or her,,or it,,,survival time is in full gear,,,,dont ask me about tomorrow,,,do tomorrow today!!!