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$79 billion bails out states that haphazardly expanded their budgets during the bubble years, but refuse to retrench and cut back, as their taxpayers have had to, during recession years.
Originally posted by sos37
Also keep in mind the "thug" tactics that states will resort to if they don't get their money. California has decided to take the state tax refunds owed to its citizens and use those refunds instead to pay the state's bills. They claim that they have a legal right to use the refunds for doing so.
Now they SAY that the citizens of CA will get their refunds sooner or later, but how can you trust a local government that resorts to stealing? This IS NOT their money to be using - it belongs to taxpayers. The fact that taxpayers overpaid on taxes and are due a refund is not a great thing, but the fact is when you overpay something you are due that money back.
So why should the federal government be "giving" states like California anything, especially when they are taking money that doesn't rightfully belong to them?
[edit on 2-2-2009 by sos37]
Economists React: Jobs Report Shows ‘Slow Motion Train Wreck’
Economists and others weigh in on the January employment report, which showed a loss of nearly 600,000 jobs and a rise in the unemployment rate to 7.6%.
Another horrific report, showing job losses across the economy. Manufacturing jobs down a huge 207,000 — that’s a 1.6% drop in one month — construction down 111,000, retail down 45,000, business services down 121,000. The only private sector gain was in education and health. Household survey employment fell 1.239 million, the worst since records began in 1948. Only a dip in participation prevented an even bigger rise in the unemployment rate… If ever there were an economy in need of stimulus, this is it. –Ian Shepherdson, High Frequency Economics