Bailout galore: And now for the states
Since rewarding failure is all the rage now, the governors of five states have their snouts on the trough:
U.S. governors seek $1 trillion federal assistance:
Governors of five U.S. states urged the federal government to provide $1 trillion in aid to the country’s 50 states to help pay for education, welfare and infrastructure as states struggle with steep budget deficits amid a deepening recession.
All the governors involved are Democrats.
Here in the banana republic of the Garden State we’ve been bombarded with tax increase after tax increase to finance “education, welfare and infrastructure” year after year. As a banana republic does when it runs out of money, now the head of state goes to the US government to ask for money, and not a “shockingly large” amount:
Corzine said the money called for represents about 3 percent to 3.5 percent of the economy, equivalent to the amount that the economy is expected to contract by over the next two quarters.
In light of the $700 billion provided to bail out the financial industry, “It’s not shockingly large,” he said.
Yes, record high state taxes, soon to be followed by record high federal taxes.
Nice going, guys.
Note: Post edited to add the Corzine quote