Morris: To Save the States, Let ‘em Declare Bankruptcy



By Dick Morris and Eileen McGann
January 13, 2011 9:41 am
14 Comments

Facing huge budget difficulties, New Jersey Gov. Chris Christie has been showing other states how to survive — namely, by taking on the government-employee unions.

Christie’s battles with the teachers unions over the past year have produced countless YouTube hits. And last month, he got a law passed to limit wage hikes from labor arbitrations between the state and public-employee unions to an average 2 percent annual increase.

As New Jersey, New York, California and Illinois — the four with the highest insurance premiums on their bonds — face life without a compliant Congress to approve their pleas for more cash, they’ll increasingly have to follow Christie’s example and rein in their unions.

As Margaret Thatcher famously said, the problem with socialism is that sooner or later “you run out of other people’s money.â€