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Congress Secretly Working on Way for States to Go Bankrupt
http://goo.gl/LIBy3— January 24, 2011 8:29 a.m.
Congress Secretly Working on Way for States to Go Bankrupt
AFSCME (The American Federation of State, County and Municipal Employees) has some Federal employees as members, but is mostly, well, state, county and municipal employees. SEIU is a somewhat larger rival for the same pool. (They duked it out in Illinois, with the SEIU winning.) I referred to AFSCME simply because an AFSCME rep was quoted claiming that bankruptcies would be a massive assault against them. And, though the specifics will be different at the federal level, the fundamental problem is the same — spending levels are unsustainable, and will be cut one way or another.— January 20, 2011 11:53 p.m.
Congress Secretly Working on Way for States to Go Bankrupt
Really, this would be not so much an assault as a counter-assault on AFSCME. Spending levels are greatly in excessive of what's sustainable; tax rates cannot be pushed up high enough to pay for these levels of spending, because after a point an increase in tax rates will actually decrease tax revenues. Value is not stuff. It isn't like water; one cannot just move it around and have anything like the same quantity of it when one has put it elsewhere. The apparent quantity of wealth in the economy is an artefact of the hands in which is resides, and it will implode when — and it's almost sure a matter of “when” rather than merely of “if” — the federal state and the constituent states try to seize significantly more of it. AFSCME has been truly greedy. There's is not the “greed” of those who try to hold onto the wealth that they create, but the true Greed of those who destroy wealth by grabbing for more of it than they can have. AFSCME has of course by no means been alone in this greed. It seems that almost everyone has been grabbing destructively for the property of others. The resulting losses — material and moral — are sickening.— January 20, 2011 9:50 p.m.
Gay & Lesbian Times Doesn't Make It to Print This Week
Would-be investors must balance assets against liabilities. It seems rather unlikely that the remaining assets (formal and informal) of the GLT out-weigh the accumulated liabilities (formal and informal). Those who long for a paper to fill the niche previously occupied by the GLT would almost certainly be wiser to gather former staff of the GLT to create a new paper. But instead I'll expect to see good money thrown after bad, and time that could be better spent wasted on trying to get the GLT back on its feet.— October 11, 2010 3:51 p.m.