Selected in the top 100 Economics Sites

Follow me on Twitter

Friday, February 18, 2011

On Wisconsin, On Wisconsin, on to bankruptcy!

video

4 comments:

JackTorrance said...

"You take a trip around Greenville, the only building that's going on is with ECU" - an anecdote I'm sure, erroneous nonetheless. I seem to recall a huge, brand-new private apartment complex being built on Charles Boulevard, of which you probably pass on your daily commute to the ivory tower.

Randall Parker said...

How right you are Jack. Every day is correct.

Randall Parker said...

I fixed it Jack. Thanks for pointing out the error. But my point remains...private sector folks get different adjustment requirements than the public sector when the money gets tight and the economy turns sour and I think the are sick of it.

Ashton said...

I believe we should note the difference in the procedure of austerity between the public and private sectors. The former seems to me to squander the resources of the taxpayer until the taxpayer cannot pay, thereupon writing bad checks backed by the taxpayer. While the latter either lays off workers, cuts benefits and wages, or raises prices (or some combination thereof). Is this simply just a poorly thought out anecdote or does it ring some truth?

If it does ring some truth then we should also say something of the kind which the former subsists, namely the ironic sort of theft that doesn't quite solve the problem of the unfortunate shortcomings of capitalism--it unjustly passes on the burden.