Wednesday, October 29, 2008

Missing another golden opportunity

Years of state and local government overspending will have no reason to correct itself if the feds pass their new bailout package. From the Wall Street Journal:
"House Ways and Means Committee Chairman Charles Rangel (D., N.Y.), said he wants upcoming fiscal stimulus legislation to funnel aid to states and localities. He said he hopes that package can be approved shortly after the election."
""Our hope is that the leadership of both parties will be able to confer and come back after the election, and see what we can do to provide assistance to our local and state governments, as we have been able to do for our banking and finance industry," Rep. Rangel said at the outset of a committee hearing Wednesday on stimulus discussions."

"U.S. Rep. Charles Rangel said he wants upcoming fiscal stimulus legislation to funnel aid to states and localities."
"State governors and local officials testifying at the hearing put forward to lawmakers a wish list worth tens of billions to help shore up their finances. Their argument: we didn't create the financial mess, and we need Washington's help to get out of it."

Kentucky is never going to shake off its poor-state status if we don't learn to lower our dependence on government. This garbage is a big step in the wrong direction. It will certainly gain widespread bipartisan support.