Could the state of Michigan be the first state to be forced into bankruptcy? If they don’t get some smarter people soon, maybe so.
For those who aren’t aware, Michigan is in the throes of an economic crisis/disaster, brought on by the decline of traditional industries, high taxes and years of foolish government spending. At this point, the state is something like $1 billion in the red and sinking fast. What is the State government’s (lead by Democrats, I might add) solution to the problem?
- “…buy a MP3 player or iPod for every school child in Michigan.”
- “…pledge $100 million to make better downtowns.”
- “…the promise of tax hikes.”
- “…floating $5 billion in revenue bonds to pay for retiree health care…”
- “…cover 50 percent of the cost of catastrophic health insurance for everyone in the place…”
As the Detroit News puts it, “We have come to the conclusion that the crisis Michigan faces is not a shortage of revenue, but an excess of idiocy.”
Useful idiots, at that.