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David Frum State Bankruptcy

David Frum writes about why Mitch McConnell wants the blue states to declare bankruptcy. If you read any of my posts on Karen Ho’s book Liquidated, you’ll have a clue what the “shareholders” are up to.

Here’s the short summary behind the motivation for why Republicans want NY to declare bankruptcy: they see themselves as owners of the economics of the state and they did not promise pensions to the public unions waaaay back when. That was done by other people. Now those wealthy New Yorkers, Californians and Jerseyans have to pay sky high taxes to the states to maintain those pensions. And they don’t want to. Like I said, they see themselves as owners. They don’t see themselves as taxpaying citizens. They never agreed to letting a cop or firefighter retire with a nest egg.

Let’s not forget that if you are one of those public employees in a union whether it is a teacher or paramedic, the bargain you struck with the state was that you would defer some of your compensation to a pension fund. That’s your money. You worked for it all your life. Likely, you have been basing all your major life decisions on whether it was going to be there when you got old including if and when you would have children and whether those children would get money to go to college from your other savings.

But in a bankruptcy proceeding, pension funds are not the first creditors that will be paid back from the assets of the state. In all likelihood, they will get the shaft- hard.

But that doesn’t matter to the owner-funders of the Republican Party. All they care about is the here and now and they want out of any obligations that the past might have saddled them with.

Go read the Frum piece in The Atlantic. Then go read Karen Ho’s book Liquidated. Then go read anything you can find on the Shock Doctrine.

There’s a good chance that the Republicans are going to lose EVERYTHING in the 2020 election. But by they time that happens, they will have set up an elaborate domino maze that will take everything we prize in the American system down with them and they have enough judges in place to keep it from ever rising again.

It sounds hyperbolic and unlikely. But what hyperbolic and unlikely prediction hasn’t come true since Trump and the Republicans took over? Trump pressing the nuclear button? There’s still time. There are 9 months until Inauguration Day.


By the way, if I hear one more person whining that anyone but Elizabeth Warren should be Biden’s VP pick, I’m just going to assume they haven’t been paying any f#^*ing attention and think this is still 2008.

It’s not.

It’s 1932.

It HAS to be Warren or Biden will be signaling that he’s incapable of leading in desperate times.