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Time to face the facts. Unions (along with other democratic/liberal programs) are bankrupting States and the Country. But they don't care!
If Unions are so great, why are so many states having trouble paying union pensions? Why aren't the unions generating money that would keep the state financially sound and able to cover union debts?
Portions of President Barack Obama's $447 billion jobs package are really designed to bail out weak finances in Democratic states, a new study finds.
The plan seeks funds for infrastructure, education and other projects that states should fund but cannot.
Many blue states have run up state debts, as nationwide, state debt is running around $3 trillion — tack on another trillion or even more if unfunded pension liabilities are factored in.
"These vast contributions to the coffers of state and local governments, though pitched as a jobs bill, are in reality the latest in a series of bailouts for debt-ridden state and local governments," Paul E. Peterson and Daniel Nadler, both Harvard academics, write in a Wall Street Journal opinion piece.
"They are of special benefit to states in the blue regions of the country where the president's most fervent supporters reside."
A Harvard Program on Education Policy and Governance study finds states with legislatures that are heavily Democratic and have a highly unionized public-sector work force must pay interest rates that are often an extra half a percentage point higher than those in red states.
"In short, the bond market has concluded that the more unionized the state and the bluer its political coloring, the riskier it is to hold bonds marketed by that state," Peterson and Nadler write.
Read more: WSJ OpEd: Obama Jobs Package Really a Blue State Bailout