us bankruptcy courts california
Would government bankruptcy be better than current trend?
of government spending, inflating and taxing US citizens into poverty. Bankruptcy court allows a judge to prioritize amongst debts and obligations. A judge would eliminate subsidies, order the sale of assetts and prioritize spending.
So we’d end up with?
– government not allowed to subsidize
– spending only on essential services
– Government owned property sold to productive users. Even if owned by foreign held corporations, a least resources would be extracted and people employed.
– sure, the disruption would be cataclysmic and deadly, but the government would be trimmed back to a reasonably functional level.
California might soon provide an example – should they be bailed out, or would it be better for taxpaying citizens if a bankruptcy judge prioritized their spending. Not that I trust judges (likely liberal), but at least they’d prioritize spending
We should all just stop where we are and do nothing except pay taxes for the next decade. That will solve everything.
US economy may take another hit; California faces bankruptcy questions.
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