Yeah that actually shocked me...I think the first wage cuts should always be those from the legislature. Kind of like the reverse to a captain and a sinking cruise ship
nah trip, you need to listen to econ right here....
Exactly. The elephant in the room everyone is ignoring, is that a lot of these state/local governments had horrible HORRIBLE interest rate arrangements and got killed by the financial collapse. I remember reading an article about Indianapolis the week of the super bowl. Folks were mad about the cost of hosting the super bowl. Turns out the reason the were in financial straits is because they made poor financial decisions on the market.
Any type of complicated math/economics situation gets thrown in the bushes by our media and our politicians
I'd love to see just one report, just one, on one single state from 1999-2011, where each local government is graded upon their financial preparation and fiscal responsibility.
And lets not forget when these politicians pretty much give away money to friends and cronies within municipalities for projects that serve a very small select few. Or just piss pour decisions that waste millions of tax payer money. Look at NYC with the City Time scam. Is pension padding and guys retiring early on a disability that really isn't there a problem, yes it is and something needs to be done about it. But to act like it's these guys bankrupting the system is ridiculous and creating a scapegoat. It's easy to create backlash against the public sector and unions because their wages and benefits have remained strong while the private sector has suffered. I don't see how people don't see whats going on though, corporate America is basically training the public to accept less money and benefits and a lower quality of life. They want us to accept less like it is the norm an in make unions and the public sector the bad guy because they have maintained a decent quality of life. In times like this everyone has to tighten up their belts and accept less but to act like Unions are the ones bankrupting this country is ridiculous and insulting.