This might seem a strange how the States can be a treat to the security of this nation, but they are by their fiscal irresponsible budgeting. Sunday the New York Times posted an article how the States are finding creative ways to raise much need revenue by taxing anything and everything they can.
The States are crippling economic growth by invoking creative gimmicks to raise revenue. Right now families are struggling, businesses are reeling and the last thing you need to be doing is hit everyone one with hidden fees to pay for the incompetence of State legislatures who spent like drunken sailors and now want the taxpayers to pay the price.
Columnist Dan Walter’s of the Sacramento Bee wrote in one of his daily columns of all the political motivated reforms that are just for show but do little to change the systemic culture of irresponsible spending by the California State Government.
What about the scandal plague California Public Retirement System the largest in the nation by having placement agents obtain multibillion-dollar investments for their clients? Many of them have been money losers, adding to the fund's huge value decline that taxpayers will have to cover the shortfall.
Governments at all levels are bankrupt not because of any fiscal calamity, but because of Madoff ponzi scheme accounting. We chastise Bernie Madoff for the ponzi scheme that defrauded investors of billions, but the States acted in the same manner.
Any basic investigation of State finances would uncover the spending excesses of State government, everyone believes it’s because of the financial meltdown; this just uncovered the fiscal mess.
The time is now for the State’s to start governing in a fiscal prudent manner and curb wasteful spending and inefficiency or to continue will hamper the economic security of America and continue the fiscal meltdown of this nation.
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