I don’t imagine how it could ever work, but states across America are asking for a bailout by the Federal government.
There are a lot of states in big budget trouble and it is primarily their fault. I don’t mean the taxpayers. I mean local governments and state governments that have decided to spend too much money.
They were free-wheeling when it came to granting raises and increasing the benefits of public employees. You’ve probably seen Chris Christie back in New Jersey really giving it to the teacher’s union on just that issue.
The problem is now that the crows have come home to roost. The money isn’t there to pay the salaries that all those big-shot politicians promised. So now the states are turning to the federal government. They want the federal government to borrow more money from places like China and use that borrowed money to pay the bills of states.
We’ve got to just say “no” to this idea. The federal bailout should not happen.