Must-Reads for May 25
Chicago Tribune: Pension Games
When it came to pensions, state officials looked out for Number One.
Townhall: 'Austerity' talk is just political cover for more government spending
Every dollar that is spent by the government is a dollar that can't be spent by individuals, businesses or charitable organizations. So those who want to eliminate austerity for governments are really saying they want to impose austerity on the private sector.
National Review: Austerity - Not just how much but how
The only austerity that will work — which we are still waiting to see in Europe — is one that consists of credible cuts to unproductive public spending, combined with reforms that will turn the continent into a good place to do business.
Must-Reads for May 24
The Guardian: John Bolton - The free lunch is finished
The United States had, until Obama, avoided the worst excesses of the statism that dominates Europe. With the effects of such policies now plainly in view, one would think the political conclusion for most Americans would be relatively easy to draw. But, just as in Europe, the lure of entitlements, free lunches and no responsibility are seductive to many here, as well.
Investors Business Daily: Consider California, Illinois EU-Style Failed States
Both California and Illinois are hoping that tax hikes will bridge gaping deficits created by politicians' failure to rein in government growth — including expanded entitlements and exorbitant public sector pensions. Does any of this sound familiar? It should. This is precisely the sort of unchecked public sector growth that has landed Greece in its current predicament — a worsening crisis that has pushed the entire euro zone to the brink of collapse.
Must-Reads for May 23
State Journal-Register: Business as usual in our state is very expensive
So … how much are you willing to spend to maintain Illinois’ corrupt and inefficient government?
Daily Herald: Lombard receives award for perfect score for transparency
Capping a year of effort, the Village of Lombard received the Illinois Policy Institute’s Transparency Award at this past Thursday’s Village Board meeting.
The Washington Times: Obama's economic fantasy land
In Mr. Obama’s government-centered world, private venture capital is OK up to a point, as long as the investors don’t make too much money and aren’t too successful. Profit’s OK, but only up to a point.
State Journal-Register: Quinn plan for pensions inadequate
The Institute's Ted Dabrowski explains two major flaws in Gov. Quinn's pension reform plan.
Must-Reads for May 22
National Review: Medicare, pensions and other false promises
Among the biggest lies of the welfare states on both sides of the Atlantic is the notion that the government can supply people with things they want but cannot afford. Since the government gets its resources from the people, if the people as a whole cannot afford something, neither can the government.
Arthur Brooks: We are robbing our children
Social democracies cater to the voters by lavishing government services on them–that’s their lure. Naturally this means focusing on the current generation’s wants with little regard for future generations, because future generations’ voters are voiceless.
Chicago Tribune: House votes to end scholarship perk, Quinn expected to sign bill
The Illinois House today voted to end a century-old legislative scholarship program beset by decades of abuse by politicians who passed out the tuition waivers to relatives and children of cronies and campaign contributors.
Must-Reads for May 21
National Review: Raise taxes, growth be damned
Higher taxes are the prime ingredient of European austerity. The danger is that, with sluggish growth, revenues will languish and the bond market will shut down, as in Greece. Then spending gets cut with a meat cleaver, not a scalpel.
The Boston Globe: What saved states - reform or punting?
Eighteen months ago, many states were facing circumstances remarkably similar to those in Wisconsin. Some followed Wisconsin’s lead and chose the tough medicine of reforms to build long-term stability and economic competitiveness. Others, like California and Illinois, chose to punt. They opted instead for a few more taxes, a promise to slow spending, and a hope that the good times would quickly return.