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Economist Jack Rasmus titled his latest article, "Why Public Employees Aren't the Cause of States' Budget Crises," discussing five reasons behind them:
(1) A "lopsided (pseudo-recovery) from recession without jobs," producing less tax revenues from remaining workers.
(2) Decades of counterproductive state policies to reduce taxes for business and investors, resulting in a revenue-producing "race to the bottom."
(3) "(R)unaway health care costs" because predatory insurers, drug companies and giant hospital chains game the system for maximum profits in collusion with Washington.
(4) "(S)harply rising costs of borrowing by States in the municipal bond market, where (rates) have risen sharply due ultimately to the speculative excesses of the recent financial boom and bust."
(5) Massive unfunded pension liabilities - a multi-trillion dollar future problem because of mismanagement, underfunding, speculation, bad investments, and criminal fraud, not out-of-control pay and benefits.
Republican and Democrat governors across America want workers to bear the burden through wage and benefit cuts as well as loss of collective bargaining rights at a time they're more than ever needed.
Surviving Depends on Organizing, Struggling, and Resisting
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