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...
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.
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.