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Wednesday, December 21, 2011

Who Created the Fiscal Crisis at All Levels of Government? Answer: Wild Spending By Government

From local government to state government to federal government, you will hear many politicians complain the reason for the fiscal crisis they all have faced is due to "lower revenues" and blaming the "economy" and other excuses.

But, the truth is the cause of the problem is as close as the nearest mirror for government.  It's their own wild spending.

The reality is lower revenues and the economy have forced the problem to be exposed, but most elected officials don't ever say "hey, it's OUR fault, we spent YOUR money irresponsibly" because then you may feel compelled to throw them out.

Instead, we hear excuses and how they "hope the economy will recover" so that they can continue their bad habits of the past.

However, if they don't boldly change, not just tweak, their way of doing business, they will flop regardless of the economy because even extracting more revenue will not meet the pace of the wild spending, debt and promises made to cronies, public pensions.

If the laws that put Bernie Madoff in jail were ever applied toward politicians, there would be a lot of people at the local, state and federal level joining him.


Anonymous said...

Our problem is created by a public that demands services while pandering politicians are willing to give them in exchange for re-election.

However, that same public balks at the level of taxation needed to pay for the requested services. Too many people believe that government services are free.

The public rejects candidates that tell them that "there is no free lunch" when they run for election. Until the public accepts the fact that every service has a cost and is willing to pay the cost, the problem will continue.

Anonymous said...

America is over. There is not one person, regime or cause. That is too simplistic. The problem is pandemic and historic.

Jeffrey Sachs has done the research and written a book on the topic. It is called "The Price of Civilization." He thinks it may not be too late to save it, but there is a price.

Anonymous said...

Fire them all next election.