According to liberal columnist E. J. Dionne, Jr., Obama and the Democrats did the right things, they just didn’t “sell them” well, and now Republicans should do what Democrats would if they continued to control Congress. Dionne pointed to revenue sharing with the states, especially now that most will have Republican governors.
That’s a dumb idea. The states – and counties, and cities – have unleashed a tsunami of unsupportable spending for public employee pensions. Soon the only funds available to governmental units that can’t print money will be totally consumed by government employee pensions.
If Republicans cooperate with Democrats and governors through revenue sharing they will be enablers of this spending addiction. Simple mathematical analysis illustrates that current and projected tax revenues, even given the most optimistic scenarios, are insufficient in light of unfunded public employee pension liabilities. If private businesses had such unfunded liabilities, the government would immediately shut them down.
It’s inevitable that there will be massive public sector bankruptcies – cities, counties and states – and that the Federal government does not have the will or the means to rescue them from themselves.
The best thing Republicans can do is to practice “tough love” and resist vain rescue attempts, because in fifty years unfunded entitlement liabilities for Medicare, Medicaid, and Social Security will squeeze out all “discretionary” Federal spending programs. Right now would-be rescuers would best serve their country by avoiding being part of long-running government incompetence that sees the problems facing later generations and doesn’t do a thing to prevent them.
So, Mr. Dionne, Mr. Obama, and all you “progressives” – give me proof that I am wrong.
Obviously you must believe I am, or else you would be doing something about it.