The US House of Representatives passed their 2012 budget. While it does well to open the doors and conversation towards a reform of entitlement spending, especially in Medicare and Medicaid, it doesn’t do enough to handle spending, debts and the deficit.
Even though there are $6 trillion in cuts, it takes place over 10 years and there are still deficits for 2012 ($1 trillion!) and more deficits way into the future, as much as $391 billion into 2021. This isn’t good enough!
Ruling class Republicans still can’t shed their Washington ways and they are risking a third party by the Tea Party and others in the popular wave building in the US. The party is likely to vanish in importance in about 5 years.
“If you want to understand better why so many states—from New York to Wisconsin to California—are teetering on the brink of bankruptcy, consider this depressing statistic: Today in America there are nearly twice as many people working for the government (22.5 million) than in all of manufacturing (11.5 million). This is an almost exact reversal of the situation in 1960, when there were 15 million workers in manufacturing and 8.7 million collecting a paycheck from the government.”
“The Virginia Retirement System currently faces an unfunded liability of $17.6 billion, according to the letter Governor Robert McDonnell sent Tuesday night to the Virginia House of Delegates explaining why he had not signed the funding plan.”
While Wisconsin was getting all the press, protests and outside attention, Ohio has gone forward with a new union restraint law that effects a much larger union government workforce than Wisc, 360,000 govt workers. This gives the state a shot and getting its budget under control.
“Ohio is far more important to the union movement. It has the nation’s sixth largest number of public sector union members, which is twice as many as Wisconsin.”
Currently Illinois is tied with California for the lowest ratings of any state from Moody’s and Fitch rating services.
“Financial expert, Meridith Whitney, has ranked California as being in the worst financial condition.“
California has an $86.6 billion budget, and already has a $25.4 billion shortfall. Are you kidding me?
What geniuses ran this huge government monstrosity into the ground?
And guess what the state debt is. It’s $290,855,041,516 – or – $290+ billion for those of you who don’t like counting numbers and commas.
Check out this chart at the link below! It takes up to 27 bureaucratic steps and 2-5 years to fire a teacher in Chicago.
And they wonder why their government school students do so poorly and taxes are so high – government union corrupted politics!