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Overnight Open Thread

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gmsc2/22/2009 1:23:20 am PST

re: #344 Crossie

We have a similar situation here in Australia. New South Wales, the biggest state, is also in dire straits mainly due to mismanagement by politicians who kept raising state taxes until the most productive businesses moved interstate. As the taxes intake declined the government raised taxes again with even more businesses leaving. The result is that NSW, the Australian powerhouse, has been reduced to begging for funds from the federal government.

So far, it’s not enough for them to make a cause-and-effect connection, unfortunately.