I can’t believe it, but New Jersey seems to have elected a real, live fiscally responsible politician to the governorship, Chris Christie. Read this speech on Mish’s blog – it’s refreshing.
The man seems to be genuine in his desire to confront the public union thugs who are bleeding their fellow citizens dry during a depression. Harsh language is indeed called for here — the actions of public employees are contemptible, demanding 4, 6, 8% wage hikes, generous benefits and early, cushy retirement at a time when the public coffers are dry and the citizenry is broke.
The government sector is the only sector that thinks it can just grow regardless of economic conditions. Tax receipts went up with the bubble, and instead of saving that cash or reducing tax rates, politicians bought union votes by often doubling employee pay over the last decade. They even tapped the bond market and pledged future taxes!
Unions got used to steady raises, and they have the gall to still demand them, knowing full well where that money has to come from — raised at the barrel of a gun from their neighbors.
Public employees, like military contractors, don’t pay taxes. If I give you $100 and immediately take back $30, I really just gave you $70.
I hope Christie gets the support he needs. NJ is indeed a tough state, full of tough people on both sides here.
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PS – The most ethical solution to the public debt crisis is immediate default. Just say no to debt slavery and bloated government.
Sovereign Speculator 
Yes!