On Wednesday, during an interview on the Hugh Hewitt Show, Republican Sen. Mitch McConnell mentioned that he favors allowing states that are struggling with high public employee pension costs amid the burdens of the pandemic response to declare bankruptcy rather than giving them a federal bailout.
This sound likes something a Democrat would say. Let me remind you, the governing body called the Senate has problems passing a federal budget for the nation, signing continuances of temporary funding like a crack whore that can’t find their next fix.
When I left the Democratic Party, I heard the term Constitutional conservative. I haven’t seen many since learning that term.
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Poorly run states have long borrowed with no intention of paying back money (in other words, STOLEN) from their pension funds of first responders, teachers, and many other hard-working state employees to pay for their ludicrous social programs that keep people down and ideological pet projects that fail.
Bailing out failed state governments…who will bail out the federal government afterward? Answer: the same people who bail out the failed states: the US taxpayer. Except it won’t be any taxpayers living today, it will be taxpayers yet to be born. THAT is the slavery imposed by authoritarian control.
Hewitt: I agree. I think people do not understand how badly mismanaged some states have been, and their unfunded liabilities. And if they were in the private sector, they would have to reorganize under the bankruptcy code. But there is no bankruptcy code chapter. Do you think that we need to invent one for states so that they can discharge some of these liabilities that were put in place by previous governors like, I mean, Jerry Brown ran a giveaway program for public employee unions that was just astonishing, and as did Gray Davis, as did, you know, a lot of Democratic governors, Illinois is probably the worst, and Connecticut. They’ve just given money away for years to people who aren’t working.
McConnell: Yeah, I would certainly be in favor of allowing states to use the bankruptcy route. It saves some cities. And there’s no good reason for it not to be available. My guess is their first choice would be for the federal government to borrow money from future generations to send it down to them now so they don’t have to do that. That’s not something I’m going to be in favor of.
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“We The People” need to pass laws removing our governments from our economic lives. A “wall of separation” between economy and state in the same manner and for the same reason as the “wall of separation” between church and state. It’s called the influence of bad ideas.
There’s a difference between providing temporary support to state governments during a pandemic and bailing out long term pension liabilities that they purposely underfunded.
Having states use bankruptcy during an epidemic is insanity. It’ll just make a downturn worse. Having states use bankruptcy once things are back to normal is fine and is the only feasible end game to deal with these massive pensions that are underwater.
No bailouts for blue state spending profligacy. They must learn to manage their pension funds. They must stop unions from driving them into bankruptcy.
If the funds they want are not to cover specific pandemic needs, no money.
This piece was written by Wayne Dupree on April 25, 2020. It originally appeared in WayneDupree.com [3] and is used by permission.
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