Thursday, June 11, 2009

Meltdown

State revenues are crashing, people are fleeing, the economy is in free-fall, so what do you do? If you're California, you borrow against future revenues, of course. What is unthinkable is actually returning to the level of spending from a decade ago; that would be catastrophic.

The primary function of government is to hire and pay government workers. All else is secondary.

2 comments:

Anonymous said...

I'd say the primary motivation of those in power is to stay in power. Not all too different from your statement.

Ric said...

Agreed; the best way to stay in power is to have an army of people who owe their livelihood to you. Which is why the UAW gets a chunk of GM and Chrysler for nothing while the bondholders get screwed; bondholders don't vote Democratic, UAW members do.