Tuesday, March 23, 2010

NYTimes: A Ruinous Meltdown

Bob Herbert at the New York Times:
A story that is not getting nearly enough attention is the ruinous fiscal meltdown occurring in state after state, all across the country. read it here.
This is a very good short editorial. My only criticism of the editorial is it emphasizes the emotional facts and the moaning of state officials about what the recession has done to the state. That is bull! What has hurt the states is the overspending by gutless politicians at the state and local level. After years of relatively strong economies and no serious recessions nothing was done to prepare the states for recession. When one overspends during the good times then what does one expect to happen in the recession. All these politicians spent 2 decades partying like there was no tomorrow. Now tomorrow is today. Throw them out. Throw all the bums out.

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