President Barack Obama Message Board

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Politics : President Barack Obama

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To: Bread Upon The Water who wrote (113940)	5/19/2012 2:15:52 PM
From: tejek	Read Replies (1) of 149317

OK--so you are likening the need for the European Union to bailout Greece to the redistribution politics that goes on in Washington with tax revenue.. This is not the same thing--at least not in degree. These US states are not failing fiscally (although their tax revenue is down due to the economy) and they are balancing their budgets--(something like 46 of the States have balanced budget requirements in their State Constitutions.) Plus they are collecting tax revenue. IN other words they are attempting to fulfill their financial obligations and are playing by a common set of cultural financial norms in this regard. These states are not failing fiscally because revenues from the blue states have been propping them up for decades......not just for a couple of years. They [the red states] are wasting huge sums of tax payer monies to encourage major companies to build factories that never employ as many as they say they will, never provide the level of tax revenues promised and end up folding or leaving for greener pastures before the state can pay off the bonds. That scenario has been repeated over and over again since WW II and yet the governors of these states persist in the game. If the citizens of these states were half as well educated as their blue state counterparts, they would be screaming bloody murder. What goes on in many of the red states in this country is a crime. That is the problem in the Greek case--two (or 3 or 4) different set of cultural financial norms are in opposition. I don't think political states can exist in such a condition for long. One set of financial norms will have to prevail or the political entity will fail. This is probably the problem in California. Although the rules are pretty much agreed upon the values underlying the rules are not. It's pretty much a given Greece will have to go because they give no indication of changing. Greece has implemented change and done what their EU counterparts have wanted........see this article I posted: Message 28154948 Would you agree California is perilously close to bankruptcy if Brown doesn't get his tax increase? CA has been perilously close to BK for over a decade. Its the richest state in the Union with a lot of smart and competent people living within its borders. I'll believe it when I see it.

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