Dr. Sowell’s topic today is the lies and threats politicians – at EVERY level – use to blackmail the taxpayer into giving them more and more money. Remember the bailout of New York City in the 1970’s? I do. Even as a nominal liberal in those days – in the classic sense of the word, I now realize – I believed that was one stupid move, and was a text book example of blackmail. And it did NOT stop with NYC. It never does.
Now, The Current Occupant and His Merry CongressWeasels judge a large corporation to be ‘too big to go bankrupt’ and spend uncounted tax dollars to ‘save’ it. Are they really accomplishing anything?
From the column:
What would have happened if President Ford had stuck to his guns and not set the dangerous precedent of bailing out local irresponsibility with the taxpayers’ money?
New York would have gone bankrupt. But millions of individuals and organizations go bankrupt without dropping dead.
Bankruptcy conveys the plain facts that political rhetoric tries to conceal. It tells people who depended on the bankrupt government that they can no longer depend on that bankrupt government. It tells the voters who elected that bankrupt government, with its big spending promises, that they made a bad mistake that they would be wise to avoid making again in the future.
Legally, bankruptcy wipes out commitments made to public sector unions, whose extravagant pay and pension contracts are bleeding municipal and state governments dry.
Is putting an end to political irresponsibility and legalized union racketeering dropping dead?
Liars, cheat, and thieves. Nothing less…and certainly nothing more.