Add news
March 2010
April 2010
May 2010June 2010July 2010
August 2010
September 2010October 2010
November 2010
December 2010
January 2011
February 2011March 2011April 2011May 2011June 2011July 2011August 2011September 2011October 2011November 2011December 2011January 2012February 2012March 2012April 2012May 2012June 2012July 2012August 2012September 2012October 2012November 2012December 2012January 2013February 2013March 2013April 2013May 2013June 2013July 2013August 2013September 2013October 2013November 2013December 2013January 2014February 2014March 2014April 2014May 2014June 2014July 2014August 2014September 2014October 2014November 2014December 2014January 2015February 2015March 2015April 2015May 2015June 2015July 2015August 2015September 2015October 2015November 2015December 2015January 2016February 2016March 2016April 2016May 2016June 2016July 2016August 2016September 2016October 2016November 2016December 2016January 2017February 2017March 2017April 2017May 2017June 2017July 2017August 2017September 2017October 2017November 2017December 2017January 2018February 2018March 2018April 2018May 2018June 2018July 2018August 2018September 2018October 2018November 2018December 2018January 2019February 2019March 2019April 2019May 2019June 2019July 2019August 2019September 2019October 2019November 2019December 2019January 2020February 2020March 2020April 2020May 2020June 2020July 2020August 2020September 2020
News Every Day |

Taxpayer bailout 'last thing' states and cities need

0
WND
Taxpayer bailout 'last thing' states and cities need

(Image courtesy Pixabay)

[Editor's note: This story originally was published by Real Clear Politics.]

By Stephen Moore
Real Clear Politics

August jobs numbers showed impressive hiring gains in nearly every sector of the economy. None more so than government.

The public sector added 344,000 jobs last month – including 95,000 permanent state and local jobs, 11,000 permanent federal jobs, and 238,000 Census jobs -- giving government workers the second-lowest unemployment rate in the country, according to the Bureau of Labor Statistics.

And yet Democrats, under their latest $3 trillion-plus pandemic stimulus plan, want to dump almost $1 trillion  into state and city coffers -- the sector of the economy that LEAST needs more federal help.

Here’s why the left’s plan is so wrong-headed, starting with these August figures:

Unemployment by Industry

Leisure/hospitality: 21.3%

Mining: 12.4%

Transportation: 11.3%

All-industry average: 8.5%

Government: 5.7%

Banking and finance: 4.2%

Another way of describing the imbalance is that throughout the pandemic, a private sector worker has been twice as likely to face the indignity and financial hardship of losing a job than a government worker (8.1% versus 3.5% job losses), according to the BLS data. This is because most government workers have one privilege that almost no one in the private sector has: lifetime tenure.

Federal employees have received an especially sweet deal. Virtually none have gone without a paycheck.

It’s true that a significant portion of the 344,000 government jobs created in August are temporary Census positions, and that overall, government employment is 831,000 below its February level. But compared to other industries – especially the hard-hit food and drink sector, where employment is 2.5 million below the February figure, and professional and business services are down 1.5 million – government workers can't complain.

The new jobs numbers undermine the logic or fairness of House Speaker Nancy Pelosi's demand for what would be by far the largest bailout of any institution in American history.

Her $3 trillion-plus stimulus plan would have taxpayers write a nearly $1 trillion check to states and cities (on top of $225 billion in federal aid already sent), showering money on what’s already one of the healthiest sectors.

Yes, there are many states in dire financial straits. But this is mostly a result of less- than-stellar leadership by governors including Andrew Cuomo of New York, Phil Murphy of New Jersey, and J.B. Pritzker of Illinois. They locked down their businesses like a prison cell for months, obliterated their tax base (and still are doing so), and went hog wild on spending. New York state has a $30 billion 2020-21 budget deficit, Cuomo admitted in July. Now they plead poverty and demand a Pelosi bailout largely paid for by other states.

But wait . . . States including Texas, Nebraska, Utah, Idaho, and South Dakota have already balanced their budgets this year. Why should residents of these states be penalized for fiscal misbehavior in other states? That's called enabling.

President Trump and congressional Republicans should demand that any federal “stimulus” -- if any more is needed -- should be targeted to businesses and workers through a payroll tax cut or direct cash payments to families. Pelosi’s and Senate Minority Leader Chuck Schumer’s insistence that the money be shoveled into the coffers of city hall and state capitals is only further evidence that Democrats care more about the protected class of government workers than the 140 million private sector employees.

The Pelosi plan may be a good way for Democrats to stimulate more campaign contributions from teacher and government employee unions, but it is no way to stimulate what the economy needs most right now: private sector growth.

Stephen Moore is co-founder of the Committee to Unleash Prosperity and a member of President Trump’s Economic Recovery Task Force.

[Editor's note: This story originally was published by Real Clear Politics.]

wnd-donation-graphic-2-2019

The post Taxpayer bailout 'last thing' states and cities need appeared first on WND.



Read also

Amazon Prime Day 2020: The best deals to expect on October 13-14

Melody Barnes speaks at BYU forum on the need for education

White Sox-Athletics live updates for Game 1



News, articles, comments, with a minute-by-minute update, now on Today24.pro




Today24.pro — latest news 24/7. You can add your news instantly now — here