- May 13, 2010
- Reaction score
- Los Angels, USA
- Political Leaning
- Slightly Conservative
None of the Democratic Mayors have been able to improve the economic situation in half a century? The Obama administration cannot bail out any city right now. It doesn’t have the revenues to do it. These results after so many years are obvious despite all smoke and lies trying to conceal the facts. Of course, facts made no difference to liberals.Stein's Law
Charles Krauthammer: Stein’s Law - The Washington Post
By Charles Krauthammer
If there’s an iron rule in economics, it is Stein’s Law (named after Herb, former chairman of the Council of Economic Advisers): “If something cannot go on forever, it will stop.”
Detroit, for example, can no longer go on borrowing, spending, raising taxes and dangerously cutting such essential services as street lighting and police protection. So it stops. It goes bust.
Cause of death? Corruption, both legal and illegal, plus a classic case of reactionary liberalism in which the governing Democrats — there’s been no Republican mayor in half a century — simply refused to adapt to the straitened economic circumstances that followed the post-World War II auto boom.
Corruption of the criminal sort was legendary. The former mayor currently serving time engaged in a breathtaking range of fraud, extortion and racketeering. And he didn’t act alone. The legal corruption was the cozy symbiosis of Democratic politicians and powerful unions, especially the public-sector unions that gave money to elect the politicians who negotiated their contracts — with wildly unsustainable health and pension benefits.