Academic

PUBLIC PENSIONS: A Tsunami Approaches: The Beginning of the Great Deconstruction. At the state a?

By Glenn Reynolds

PUBLIC PENSIONS: A Tsunami Approaches: The Beginning of the Great Deconstruction.

At the state and local level, the Great Deconstruction has already begun albeit delayed by an infusion of federal stimulus dollars and grants in 2009 and 2010. The federal government must deconstruct as well. It must happen, if only because the revenue is no longer there to sustain all of these often well-intentioned programs. The federal government will not be immune from fiscal reality.

In this sense, the election in November will be a referendum on the very sustainability of our system of government. One party will continue to borrow and spend in order to maintain the 500 agencies in California and the abundance of federal programs. They have not said how long they will be able to borrow money to sustain their system. The other party will try to simply turn off the spigot – now. Either way, one day the money will run out and the inevitable deconstruction will occur.

Read the whole thing. And happy Labor Day!

Full post as published by Instapundit.com on September 06, 2010 (boomark / email).