Posted on 04/26/2020 11:26:55 AM PDT by John Semmens
Gov. Phil Murphy (D-NJ) characterized Senate Majority Leader Mitch McConnell's opposition to using federal money to bail out New Jersey's government as "utterly irresponsible." McConnell suggested that "rather than try to sponge off federal taxpayers, states in financial trouble should file for bankruptcy."
Murphy started off by threatening to lay off state employees. "Let's see how McConnell and the Republicans like it when thousands of essential government workers join the ranks of the unemployed," he said. "The booming economy that Trump and the GOP are counting on to win the election would be further set back."
Murphy also chastised McConnell's aversion to forcing more fiscally prudent states to cover the deficits accrued by the more profligate states like New Jersey. "This is not the time to point fingers," Murphy asserted. "This is the time for us all to come together as one family. It's like you've got a brother who squandered all his share of the family inheritance on booze and gambling. You don't throw him out on the street. You share what you have with him."
"The pensions we have promised our state employees are in danger of being under-funded," Murphy pointed out. "Should we have not made these promises? Maybe, but that's all water under the bridge now. The fact is that other states have money and we need it. It is the obligation of the federal government to redistribute the wealth from those who are able to produce it to those of us who need it."
if you missed any of this week's other semi-news/semi-satire posts you can find them at...
http://www.gopbriefingroom.com/index.php?topic=399588.0
How is this satire?
He basically said just that
States have almost the same powers that the Federal government has to raise money. NJ and NY could issue special pandemic bonds to investors to raise capital to offset their costs. The bonds would be paid off over 10 years at a rate of 1.5-2.0%.
The states could then pass a law to mandate that their pension funds be partially invested in these bonds. To service their debt the states could add a temporary energy tax and a property tax surcharge that would be sunsetted in 3 years. The only reason that the Democrat politicians won’t do this is because they would not be able to get reelected if they did. Better to panhandle the Feds and look like a hapless victim.
Let’s see Illinois, Michigan, New York, California, New Jersey. Any other states want bailout over mismanagement?
He isn’t getting it and my wife finds out tomorrow that she won’t have a job next school year.
While I am not happy about that, the rest of the country doesn’t owe us a damn thing. The NJ chickens are coming home to roost.
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