Look at this, Kansas is suspending tax refunds. Think about this a second. People have already paid into the Kansas state tax fund and all they want now is a refund for overpaying. Well - not so fast.
Kansas is broke. One might suspect that we will be seeing a whole boatload of I.O.U.s coming out soon.
Now how about the people of Kansas who need that money to live on and buy basic items, do they get to buy on an I.O.U as well?
No. Perhaps they should try borrowing money from the bank to tide them over except the banks are broke too.
The Wichita Eagle: Kansas suspends income tax refunds, may miss payroll
The state doesn't have enough money in its main bank account to pay its bills, prompting Democratic Gov. Kathleen Sebelius to suggest transferring $225 million from other accounts throughout state government. But the move required approval from legislative leaders, and the GOP refused Monday.
3 comments:
The snowball is now reaching those states ( many of them) that are way over extended. These states have made promises to their employees that many can never possibly meet. It's another train wreck coming up fast. Remember back in 1999 everyone was afraid of a cascading Y2k effect happening? Well, here's the irony it did happen kind of. BV$H's election on Dec. 12, 2000 was the fall of the first domino it just picked up speed as time went by, didn't it? Why are we surprised that his disastrous reign would just stop with a new President? I'm afraid Pres. Obama will do nothing but try and get a parachute on our free falling "private economy".
Obama has limited options because there's simply no money as we know.
Other than an attempt to execute programs that try to get the biggest bang the only thing he can do is set an emotional tone and try to manage the crisis with adept people. Another of the unlimited failings of Bush was the tone that he set which was fear. Bush should be jailed, I'm convinced of this.
Obama is being hamstrung by the plutocracy. They do not want him to succeed! They want the return to some kind of medieval ism with a Corp. nobility. I'm reading a book about Andrew Jackson right now and he predicted much of what would happen if we allowed wall st. and a central bank ( the Fed) to run things. He was right. He destroyed the US Nat'l bank back in his time precisely because he watched Biddle and associates try to gather all the chips ($$) into their own greedy paws. He closed the bank revoked it's charter and sent all the gold and silver to the states banks. We need a less centralized system again. Economy of scale doesn't work well with $$. The more distributed power $$$ is the better.
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