MoneyChanges.org • June 21, 2011
The majority of state and county officials in the United States are staring at serious budget problems from which there is really no escape without significant action. Rising health care costs, employee pension fund losses, and revenue shortfalls are affecting budgets at every level of government. Notably, all of these problems were caused, both directly and indirectly, by speculation in the financial and banking sectors on Wall Street. Cutting pensions, eliminating health benefits, and slashing budgets are a diversion from the source of the troubles.
Tightening our belts and straightforward budget cutting are helpful in the short term but ineffective as long term solutions. Real solutions to our financial dilemma require us to redirect the public’s investments away from speculative Wall Street banks and their too-big-too-fail counterparts.
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