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Breaking: Here’s Why Sen. Kennedy Is Comparing Biden’s Actions to That of a ‘Banked Catfish’
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This pitiful person could be your next Attorney General: https://youtu.be/qCkk8rnZEZo
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Trump haters salivate over his tax returns which have been sought first so the "framed" crime can be found later. The kangaroos abound.
With
Trump’s tax returns, leftists have a new conspiracy theory
The following story is brought to you courtesy of American
Thinker
Last
week, the Supreme Court greenlighted the Manhattan District Attorney’s fishing
expedition into Donald Trump’s tax returns for the past eight years. Trump,
therefore, turned over a million pages of financial to the D.A. That’s good
enough for the Trump Derangement Syndrome suffers to breathe new life into
their Russia conspiracy theory.
Since
2019, when Robert Mueller admitted that Trump had not colluded with the
Russians, Cyrus Vance, Jr., the Manhattan District Attorney has been trying to
get Trump’s tax returns. The basis for this push was the vague claim that there
was “possibly extensive and protracted criminal conduct at the Trump
Organization.”
Of
course, this isn’t how American law is supposed to work. Traditionally, the
government first knows there’s a crime and then must prove it. What Vance’s
office is doing is purely Soviet: They’ve got the man and now they want his
taxes to prove a crime, any crime.
Still,
Vance got a grand jury to demand Trump’s tax returns. As everyone knows, a
prosecutor can get a grand jury to rubber-stamp anything he wants.
The
Supreme Court, which operates on a political rather than a constitutional basis
of late, refused to block the Manhattan D.A.’s witch hunt. Trump rightly
blasted the Supreme Court for its willingness to “let this ‘fishing expedition’
happen…” Still, he complied with the Court order. turning millions of pages of
tax returns and financial records over to the D.A.’s office.
(If
you’ll pardon a digression, Trump’s compliance with the law is typical. This is
in stark contrast to Joe Biden who, on his first day in the Oval Office,
announced that his administration would no longer enforce most of America’s
immigration laws. But back to the main point….)
On
Saturday, Tim O’Brien, a Bloomberg Opinion senior columnist told MSNBC’s Nicole
Wallace that this time, the jig is really up for Trump. This is the big one.
He’s going down! As O’Brien had written,
A dam
that Trump has spent decades fortifying around his finances and tax returns has
been broken. And Vance’s investigation appears to be broad enough to pose a
serious criminal threat to the former president, his three eldest children and
the Trump Organization.
One
would expect a “Bloomberg Opinion senior columnist” to have a certain gravitas,
but one would be wrong. O’Brien’s interview revealed that he’s still deep into
Russian conspiracy territory. Moreover, for him, the tax returns will do what
“Impeachment Part II: the Insurrectioning” failed to do; namely, make sure that
Trump cannot run again for president.
O’Brien
has a whole “Trump the Kapo” scenario in his mind. He admits that Vance needs
to prove intent (that is, Vance has to prove that some of America’s most
prestigious accounting firms chit-chatted with Trump about major business and
tax fraud) but he’s certain all the evidence is there and that that Trump’s
accountants will flip on him. (Actually, that’s a grim possibility. As we’ve
seen with the other witch hunts against Trump, the Deep State has no hesitation
about destroying people’s lives to blackmail them into telling lies or twisted
truths to implicate themselves or Trump.)
In
addition to dreaming of seeing Trump go down, O’Brien also salivates at the
prospect of seeing the prosecutor destroy Donald Jr., Eric, and Ivanka Trump.
With primitive ferocity, O’Brien, like all leftists, wants to erase the entire
Trump lineage from the face of the earth.
As far
as O’Brien is concerned, Vance’s investigation will be Russiagate all over
again:
“The
period of time he has is important because it predates Trump’s accent into the
White House, and I think helps build the narrative around the money trail and
Trump’s motivations for his destructive and obscene dance with people like
Vladimir Putin,” he said.
I can
find no evidence that Tim O’Brien was even slightly perturbed about the fact
that there is first-hand evidence from Hunter Biden’s computer, that Joe Biden
pimped his drug-addled, debauched son in both China and Ukraine to swell the
Biden family coffers.
For
O’Brien, the primary goal, of course, is to make sure Trump doesn’t run again:
“The brass ring in all of this is that, if Trump has a criminal conviction, he
cannot run for president again.”
Since the day Trump was elected, leftists in Congress and the media have breathlessly assured their fan base that this time Trump’s career is over and prison or, at the very least, an ignominious retreat from public life, looms. For now, I’m prepared to file O’Brien’s fevered accusations away in the same category as the leftists’ false and failed assurances that Trump had collaborated with Russians, that Trump had praised white supremacists, that Trump had collaborated with Ukrainians, and that Trump had fomented an armed coup against the American government.
And:
I remember when Bill Clinton took large deductions, which were disallowed, for charitable gifts of his underwear.
And:
Is Haley trying to climb back aboard the "Good Ship Trump?" https://apple.news/
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Ross Rants again:
As predicted, the ten year
is off and running. Now it has had its tantrum and already run past 1.5%, and
the markets reacted as predicted. It has settled back under 1.5%, and is likely
to stay around there for a while. It is likely to rise to around 1.75%-2.0% by
year end. It is unclear what Powell is really thinking, as we all see inflation
picking up, and as the economy rebounds from here, it will push rates higher
and inflation higher. Here is the question-Will the Fed be forced to continue
QE forever given the already high level of Federal debt, and if rates rise, the
government will not be able to afford essential programs, nor left wing
programs due to very high debt service consuming too much of the budget.
The main Dem assumption
is rates remain low for a long time, so they rely on MMT to justify their
spending. That is the key theory they are operating under. It is unclear
what the market will do from here over the next few weeks. The economic numbers
are going to be better than forecast for February, and earnings of 85% of
reporting companies beat by an average of 13%. I continue to hear from across
the country that there are almost no qualified skilled workers left to hire in
many markets. Companies say they can’t meet their staffing needs now, other
than in hospitality, and travel related fields. Factories are adding overtime
and raising wages just to try to keep up with demand.
Personal income in
January was up 10% and savings were up to 20%. There is a huge pot of
cash waiting to be spent and invested. New homes are being sold off
drawings. Housing continues to boom. The sudden market drop due to the sharp
rise in the 10 year was faster than expected, but I believe the market will
calm down as the Fed moves to stabilize the bond market, and investors realize
that the economy is doing very well, and as shots are ramping up quickly.
Earnings will grow throughout the year and GDP will rise at a 6%-7% rate for
the year, and possibly more.
Between Fed policy,
massive irresponsible Congressional spending, and the determination of the
White House to lie about shots and the economy, it is hard to predict much
right now. The 7 year Treasury auction last week was a disaster so the whole
issue of rates is dicey right now. Because federal debt is so high, and growing
rapidly, the Fed is likely to keep rates low or the debt service will be
intolerable.
Bottom line- consumers
have $3.5 trillion savings-a record, the best personal balance sheets in
decades, the lowest debt service obligations in decades, and huge pent up
demand. This will get released by spring once most people have had a shot- by
May 1. See below.
One of my very smart
investment pro pals has modeled this all out, and he makes the point that the
Fed funds rate has never varied more than 100-150 BP from the ten year. Spreads
over time, for the same credits, always revert to the mean. So if Fed funds
stay around zero, then the ten year stays around 1.25-1.5% for much of the
year. This correlation has been good since 1960. If GDP rises more than 6%-7%
then maybe the Fed acts, and then all bets are off. Using various models he
correlates that 1.5% is consistent with a 20x PE on SPX 2022 earnings forecast.
So if SPX forward is $200 then 4000 on SPX is reasonable this year. His
high yield to PE model suggests a 23X PE, which suggests SPX goes above 4000
later in the year.
For a 10% drop in stocks
suggests a ten year of 2.25%. This does not mean we can’t see a 10% short term
drop at some point then returning to higher prices. Keep in mind that March
sees tax selling to pay April taxes, so the upside may not return until late
April as the shots become widespread, and things are reopened, and cases trail
off to very small numbers. On Thursday the VIX went from 21 earlier in
the week to 30.7, but back down to 28.9. 30 is getting high, but not too
worrisome. I remain equity invested for now. Powell may need to come out and
say the Fed will keep bond markets orderly. Take your seasick pills. This is
going to be wild ride at times, but do not let short term downs panic your
thinking.
So of course Biden and
Pelosi want to hype bad news forecasts about the virus to justify their $1.9
Trillion of wasted spending, with another $2 Trillion infrastructure package
behind this, and more to come after that. Only 9% of the funds are related to
Covid in the current bill, and $1 trillion remains unspent from the bills the
Republicans passed prior to January 20, and much of the funding from the new
bill will not even be spent until 2022-28 according the CBO. They are pushing
the fake bad news of Covid right now to justify their spending package, when
the data clearly show things are getting much better very quickly, and will get
better a lot faster if the Dem states would reopen, and if the teachers would
get back to their responsibilities to the kids they are destroying.
I am now convinced there
is no real push to get schools reopened because that would slash unemployment
quickly, and make it clear that this spending bill is a terrible idea. CDC was
forced to backtrack that it is OK to open schools now, and the unions are in
lockstep with the White House. There is now even much more evidence that by May
there will be a very different Covid situation as J&J is now approved and
will start to ship this week, and as Pfizer and Modern ramp up production
further as they get approval to have more shots per vial, and as the shipping
temperature is now approved to be far lower. In short, there is now a spurt of
increase in shots, and we have already passed 68 million-see below. There were
already 17 million shots the day Biden took office while he claims there was
“no vaccine” and no plan when he took office.
What we have now is the
reverse of Trump. He downplayed the virus, while Biden and Harris are
lying about how many shots have been given, and how fast it is ramping up, and
how well the distribution is really working. Joe just held a TV event to
celebrate giving of 50 million shots, but that ignores the 17 million before January
20. Biden and CDC and the White House are lying to make it appear much worse
than it is so they can pass these spending bills, about which they are totally
lying. It is why Biden says time is critical to pass the bill. They know in 30
days the vaccine and hospitalizations story will be very different and they
will not have a case for the spending.
Updated numbers are a
typical family of four with 2 kids over 6 will receive $12,800 cash
(4x1400=5600+3600x2=7200=12,800), plus an extra $400 a week for each unemployed
parent or $3200 a month extra if both are unemployed. That is an added $38,400
a year for not working. Now we are up to $51,000 after tax dollars, plus
state unemployment-(let’s assume $300 a week on average or another $31,200 for
both parents) so now we are at $82,000, plus food stamps, plus Medicaid, rent
subsidies, and who knows what else, all of which is after tax dollars. Plus
they had just gotten $600 each from the December bill or $2400 for the family.
For many families in lower income cohorts that is far more than they would earn
if they work. It is middle class after tax family income with all of the
benefits priced out, for zero work effort.
If fully counted with
all the benefits, the whole package is estimated by one economist to
equate to around $135,000 family income pre-tax for someone who is working and
paying payroll and income taxes, and part of their medical costs. All of the
subsidies are tax free as opposed to wage earners who earn the same, but pay
taxes and payroll taxes. So the guy who sits home with his wife and does
nothing, has an income well beyond anything he ever dreamed. How does that feel
to a regular worker who is busting his butt every day in the factory earning
$70,000 pre-tax. . It will mean continued high unemployment since there is
negative incentive to go to work. You wonder how these idiots in Congress can
justify voting for this-or maybe we should not wonder. With all the extra
unemployment payments and the extra subsidies they have received and will
receive there is zero reason to have an eviction and foreclosure prohibition.
They have the money from my tax money to pay their rent and mortgage payments.
When asked how the
massive spending would be paid for, Schumer actually said “ We no longer talk
about that. Under Modern Monetary Theory-MMT- it is not necessary to have a pay
for”. If nothing else, that should scare the crap out of everyone.
The stupidest idea yet
from the Dems is to have the nuclear trigger a matter of a committee vote
including members of Congress. The whole point is it takes 37 minutes right now
for a Russian missile to land in the US. China about the same. We need to
launch before 37 minutes to have a credible deterrent. That is the entire point
of deterrence. Take that timing away, and deterrence disappears. How dumb can
these Dems be. There seems to be no limit.
When asked why requiring
photo ID to be able to vote, Debbie Dingell gave the Dem response- it is a
“threat”, but requiring it to buy a beer, enter a NY office building, check
into a hotel, or get medical treatment it is not a threat.
On February 14, I suggested
that by May 1 there will be 245 million with shots, or immune people due to
they had the virus, or are kids. Here are new numbers from the drug
companies and CDC. As of February 27 there are 72 million shots given, not the
50 million Biden went on TV to claim. By March 1 it is 74 million. ( It
would have been 6 million more if not for the weather issues). 33% were second
shots so net 49-50 million had at least a first shot. Moderna said
they will do over 45 million (at least 11 million per week) , or more, in
March-possibly 50 million, Pfizer 45 million, and J&J 20 million in March,
or a total of 110 million, or more, with at least one shot, additional by March
31. Assume 40% of the March shots are second shots (net 66 million first shots).
So net, there will be a
total people with first shots in arms of 116 +- million by April 1. That
happens to be almost the same number Trump’s head of Warp Speed said it would
be by that date back in early January. Assume another 125 million shots in
April of which 30% are second shots since J&J is just one shot, so add 88
million more with at least one shot. Total with one shot by Aril 30 -204
million+-. And there may be more if they slow the time for the second
shot which is now being considered. Add on at least 30 million (the actual
number may be 50 Million) who are immune from having had the virus for a total
of 234 million +. That is 71% of the US population by May 1. That number does
not include kids under 18 (72 million). So at least 300 million have one shot,
or are kids unlikely to get sick. Those numbers come from the drug companies
and CDC, not me. Biden said 100 million shots by May 1.
So you see the truth is
being hidden to make the $1.9 Trillion look essential. Johns Hopkins has said
we will have herd immunity by May 1, and that looks correct, and is now
supported by the drug company numbers. Thus the economy and schools should be
fully reopen before May 1, which has been my contention, and the White House
and Fauci are lying so they try to can claim they need the spending, and that
they did better than forecast by Trump’s plan. J&J alone is going too far
exceed what the White House had been saying they would do, so we now know the
Biden chief of staff intentionally lied about that as well. Biden just talks
about the shots since January 20 ignoring 17 million before that.
We are being
intentionally mislead for political purposes. And they attacked Trump for how
he communicated on the virus. If you assume 25% refuse the shots then by May 1
everyone who wants a shot should be able to get one. And they can start on kids
over 15 at that time probably and get most of them by June 1if they do it in
schools. Keep in mind Fauci has been wrong on several things, and he is always
driven by everything has to be proven in a clinical trial. He may be
largely responsible for the economic devastation we have suffered, and all the
non-Covid deaths that occurred as a result of the lockdowns. There is no
proof vaccinated people don’t transmit, so they are now saying we are not safe
yet even with the shots. That makes no logical sense to me. I am betting
that by mid-May most mask mandates will be gone as they already are in some
states.
We do not reinforce
stopping Nordstream pipeline in Germany which has huge geopolitical
consequences, but we shut down Trans Canada, and now maybe Dakota which has
jobs and national security issues for the US. Create jobs and
massive national security risks in Germany, and kill jobs here. More Biden
clear thinking.
Biden says he will no
longer communicate with the Saudi Prince. The Prince runs the country,
not his father who will die soon. Russia has now quickly moved into the
void, and Putin has already begun to work with the Prince. Great message
to Iran, and Israel who had struck a critical anti-Iran relationship with
the Prince. So now we cut off arms to Saudi, cut out their leader, and
refuse to work with them on Yemen, allowing Iran to move more aggressively
there. At the same time Biden presses S Korea to release $1 billion sanctioned
dollars to Iran. Another great achievement for Biden to lose a key ally
and strengthen Iran in just one month. These people in the White House do not
seem to understand anything about realpolitik. Biden is quickly making the world
far more dangerous as they all understand how weak he is, and how misguided the
White House policies are. This really is an extension of the terrible policies
of Obama run by Susan Rice and Kerry
Iran turned down the EU
sponsored meeting with the US unless Biden pre-agrees to lift some sanctions
after the meeting. Anyone who has spent a lot of time negotiating deals
understands the game Iran is splaying. This is the real test for Biden -does he
let himself get pushed around and intimidated by Kerry, Rice and the EU, the
way Obama folded on his red line which had very bad repercussions for the rest
of his term, or does he stand firm and make a statement about US resolve. My
bet is Biden folds, and tries to cover his weakness with diplomatic nonsense
talk.
Today only 33% of
students graduate college in 4 years. Only 57% graduate within 6 years. 35% of
all student loans are delinquent. Obviously many did not take school seriously,
but they still took loans. Some take 6 years, and some just drop out. Some take
courses in useless subjects like ethnic or gender studies, or other subjects
where they will never earn a good enough salary to justify the huge loans they
take. Students and their counselors and parents need to calculate what is
a typical salary one might earn with the course of study, and then see what is
a realistic loan they can afford. Or they can do what I, and many of my friends
did- we worked while going to school so we would not have to borrow more than
we could repay. We all repaid our loans.
So now the Dems are
trying to buy votes for 2022 by saying they will forgive student loans.
What a great lesson to kids. Borrow whatever you wish, drop out of school, and
we will later forgive part or all of it. That is a real lesson in financial
responsibility. If they forgive $10,000, or $50,000, what about all the people
who did without things for years to repay their loans. Do they get a refund? Or
what about the worker who could not afford college, and did not want the burden
of a loan, and so did not have a loan, but whose tax dollars are now repaying
the loans of those irresponsible borrows. Does he get a check. Universities
need to be on the hook for part of these loans.
Now CA says boy toys and
girl toys cannot be separated on store shelves, or the store will get fined.
They really have lost their minds. Now government dictates how a store does its
merchandising. That will lead to even worse government dictates. The newly
nominated deputy HHS secretary is a trans woman who refused to say it is bad to
give kids drugs to stop puberty. This is what Biden has brought you with his
“diverse cabinet”. Make sure everyone recalls that in 2022. Boys and girls are
really different except as to having equal opportunity to succeed. Maybe they
need a class in hormones and anatomy, and a lesson on that little kids don’t
have the ability to choose their sex at 4 years old. Hasbro says no more gender
identification for Mr Potato Head.
The new “Equity Law “
passed by the House will kill girls high school and college sports. And now we
have another incident at Smith College where the innocent white workers are
sacrificed to the ideology of race, even after it was proven the black girl
made totally false claims. So now if you are white it is OK to be falsely
accused and have your life ruined publicly, but blacks can make up false claims
and put them on the internet, and be believed, and apologized to by the
college. (see attached above). The Navy, of which I am an alumni, now has
insane rules about race and gender. Everyone is now part of “systemic
racism”.
For me -I have had
enough of this crap. I have nothing to apologize, or be guilty for, nor do you.
I am very happy being a heterosexual wealthy white male who earned every penny
I have. We need to get back to merit, and we are all equal in opportunity, not
outcome. Nature made males and females throughout all animal species. I
am tired of ads all showing mixed race couples -use one or the other race
for both actors, but there are not millions of mixed race marriages. Now if you
are black, or if you can’t figure out what sex you are, you get special
treatment. We can’t afford to provide a good living to those who are not
working to the point they are far better off economically to sit home than to
work.
White people in the US
did not invent discrimination or slavery in the world, and it goes on right now
in China, and other places. Biden won’t talk to the Prince over “human rights
issues”, but he calls Xi and Putin. Whatever happened in the 19th century
in the US happened in that context, and we cannot apply today’s standards
to 175 years ago. In the early 20th century Jews, Irish and
Italians were badly discriminated against. The problem is history is no longer
taught in school, and whatever is taught is framed with left wing ideology, so
kids today have no context to anything, and do not even know of the past legal
and other battles that today allow them the ultimate freedom and opportunities
they have.
By comparison the US has
done a massively better job than most as to equality than anywhere else on the
planet. There is not systemic racism. Nobody even knows what that means.
Cops are almost all great people putting their lives on the line for us to keep
the world from spinning into total mayhem. Several cops got shot this past
week. Where is the left or press saying anything about that. The pandemic is
everywhere in the world, but shootings are in the Woodlawn area of Chicago.
Don’t blame the cops or white people, or the virus. University presidents and
corporate CEO’s need to grow a set of balls, and stand up for free speech, and
an end to this racial BS. Blacks now have all sorts of opportunities, and they
need to do what we all did -study and work hard to succeed. Earn it. Giving
people entry to universities, jobs, or good grades they do not earn, or free
money, just because they are black, is not going to solve anything. It is
discrimination, and just breeds anger, and more baseless demands, and false
charges against employers.
I am fed up with the
anti-cop claims of genocide when there are more blacks shot in Chicago on a
typical weekend by other blacks, than there are unarmed blacks shot in an
entire year across the whole country by cops. If they really meant black lives
mattered, they would be on the streets of Chicago and Harlem every weekend to
stop the true genocide of black on black shootings. How come Asians can be
discriminated against at Harvard and other schools, including the attempt to do
it in NYC by DeBlasio in the elite high schools, and attacked on the street in
San Fran and LA, but we hear crickets from the White House nor anyone on the
left in Congress. Enough of this left wing university ideology, and
cancel culture. They are not going to tell me what news program I can hear, what
books I can read, nor what I can say. I still live in America, not Nazi
Germany. We all need to speak out against what is happening, and vote in 2022.
If you want an
example of real racism, look at teachers refusing to teach. Rich white kids are
in private or parochial school, or teaching pods. They have good
internet. Poor black kids are getting no education, and are having their
lives ruined, yet Biden does nothing to stop this.
+++++++++++++++++++++++++++++++
Two trillion dollar Covid Relief bill is meant to bail out failed Democrat pension funds and mismanagement of cities etc.
Prelude to a
State Pension Bailout
Rescuing multiemployer plans is unwise and
signals a willingness to do the same with failing state and local funds.
By Andrew G. Biggs
After decades of mismanagement, state and local government
pensions face unfunded liabilities topping $4.2 trillion. When a major public
plan finally runs dry, you can bet Congress will bail it out no matter the
crippling cost. Congressional Democrats’ Covid-relief package includes a
multibillion-dollar bailout for union-affiliated private-sector multiemployer
pensions. If politicians will bail out truckers’ and coal miners’ pensions, why
would they turn away teachers and firefighters?
Multiemployer pensions are jointly run by labor unions and
employers, often within the same or related industries. The most prominent, the
financially troubled Central States plan, covers roughly 400,000 workers and
retirees from more than 1,000 trucking companies. These pensions run on a
mutual-insurance basis: Participating employers must cover the benefits
promised by any employer that either goes bankrupt or withdraws from the plan.
The reward for this unusual funding mechanism is much looser funding
requirements and lower premiums to the Pension Benefit Guaranty Corp.—the
federal agency that acts as a pension safety net.
But the mutual-insurance system is itself a critical flaw:
Sometimes whole industries decline and pension funding disappears, as with
trucking. Federal rules made the problem worse by allowing businesses to
withdraw without funding all promised benefits.
Multiemployer pensions also significantly overestimated their
future investment returns. In a 2017 study, the Government Accountability
Office found that if Central States had received the 7.5% annual return it
assumed from 2000 to 2014, it would have ended that period 91% funded. Instead,
Central States received only 4.9% returns, leaving its funding at 40% and
declining.
Today, more than 100 multiemployer pensions face “critical and declining” funding, according to the PBGC. Central States’ portfolio is expected to run dry in 2025, with other plans to follow. The PBGC’s multiemployer insurance fund will be exhausted by 2027.
Ordinarily, insolvency means pension freezes and benefit
reductions, but multiemployer pensions are run by labor unions, a key
Democratic constituency. And so the House Covid bill plans to dole out an
estimated $86 billion from 2022 to 2024 to 186 pensions, enabling these plans
to pay full benefits through 2051. With no incentive to cut costs, there’s little
reason to think the pensions will be solvent after 2051. Look forward to more
spending down the road.
Bailout supporters argue they’re helping impoverished workers
make ends meet, but that doesn’t add up. The average monthly benefit from a
plan like Central States is a seemingly modest $1,400. But that average is
skewed downward by large numbers of employees who retired after only a few
years of service. The one-third of Central States retirees who receive more
than $2,000 a month—plus Social Security benefits—make a bailout expensive. No
one in this group is even close to being in poverty.
But leave aside the many problems with this bailout—including
that the plans’ insolvency has nothing to do with Covid, and Democrats reduced
the duration of extended unemployment benefits to help fund the pensions.
The larger worry is that Congressional Democrats’ willingness to
bail out private-sector multiemployer pensions signals they would do the same
for state and local employee plans. Public-employee pensions operate under the
same loose funding rules as multiemployer pensions, and public plans in
Illinois, Kentucky, New Jersey, Texas and other states are no better funded
than the worst multiemployer plans.
Many public pensions have a history of poor stewardship,
increasing benefits in good times and failing to make their pension
contributions when the economy turns downward. Will a Democratic Congress turn
away unionized public employees when it already has bailed out union-run
private sector pensions? At this point, the assumption has to be no.
Mr. Biggs is a resident scholar at the American Enterprise Institute.
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