After 1933, FDR pushed through a new bankruptcy law that allowed towns and cities to declare bankruptcy.
In 1975, NYC was about to declare bankruptcy when it was BAILED OUT at the last minute. By whom was it bailed out? The federal government of course.
Which state will declare bankruptcy? POLL
The city had to declare bankruptcy because government union workers refused to accept salary cuts.
How many other cities and states will have to do this?
Anyone wonder why the state of New York has huge budget problems? The vast majority of their state and local workers are in government unions.
Breaking News: our hidden camera caught this government union worker in a tough negotiation with her greedy boss.
Our two most recent Presidents can’t balance a budget. They spent more than they made. Simple basic economics. Our current budget shortfall is $1.7 trillion, and our debt is about $14.7 trillion!
George Bush graduated from Yale and Harvard. Barack Obama graduated from Columbia and Harvard! These are supposed to be elite schools, yet they couldn’t even teach basic budget concepts and discipline to two of their most prominent graduates. Shameful! These are embarrassing failures for these pretentious schools; and I haven’t even mentioned their failed students that populate our Congress, not to mention the scoundrels in financial institutions that sold sham mortgage securities. (also Ben Bernanke, Fed Reserve Chairman, Harvard grad)
Yes, these Ivy League Grads Fail Miserably at Basic Economics.
Why does it cost so much? Because it’s run by the government and govt union workers. These are government (so called “public”) schools.
NJ citizens could send their kids to private school for less, and get them a better education.