Tuesday, July 18, 2017

Hartford is bankrupting

We've never learned from Greece, so Hartford repeats the history. We always think someone named Uncle Sam will bail us out.

It is the simple theory "Consumption vs Investing" described in my books.

Consumption is building empire (for buying power), giving generous benefits (for buying votes)...
Investing (not over investing) is building roads, bridges...

Hartford is one town and there are many similar. Why the state retirees (not hard working for most) get 80% of the previous salaries? The Olympics white elephants can be also found in Hartford. So, they've been heading to self destruction for a long time.

Do not bail them out and set up a bad example. Let their retirees go hungry, let their politicians lose their jobs, and let their business owners lose their businesses. Only bankruptcy is reasonable now.

Should we let those who create the problem fix the problem?

We still have generous pensions for government, state and local employees while few if any corporations offer pensions.

When the patient is in the last phase of cancer, the doctor tells him that your cancer can only be cured when you die. Cruel joke but we all have to face reality.

No comments:

Post a Comment