Ray Charles, many years ago, recorded a song titled, "Busted." States like Illinois, New Jersey, Connecticut, and California need to adopt the tune as their state song. They are broke and they don’t know it. But, there are others that use the same strategy, tax more and spend even more, that will end up in the same boat.
Some people just don’t understand that taxing more and overspending results in taxing more and over spending even more. What is so difficult about basic economics? Make major spending cuts and reduce taxes to entice more business. It is not rocket science to cut spending, although it may be political suicide. But, when your "busted" you do what you have to do.
I know a man that has always lived beyond his means. Borrowing and buying is his lifestyle. Guess what? He now has to face reality and he does not like it. All the "stuff" he bought has declined in value while his ability to earn took a nose dive. The problem is that he refuses to believe he can continue to do the same old things and it will get better.
That’s what some states believe too.
Problem is, it won’t work.
PMO
©2017
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