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August 26, 2014

Two from Professor Gordon

Fine posts.

"History lesson".

But this California history shows once again that in times of boom, people were too busy to fall into the hole of zero-sum hatreds. Its the old story. Prosperous people or people who take seriously the prospect of prosperity are nicer and more tolerant.

"Three or four-hundred years?"

The story ends with the predictable "give us more money." More money has been going to employee pension funding -- and even then there is a reported unfunded pension fund gap. We get the gap, high prices, floods, and questionable service. There is never enough money when there is a politically influential and unionized workforce.


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"There is never enough money when there is a politically influential and unionized workforce."

That is so true. Until events such as the Chrysler and GM bailouts, stiffing bondholders, and the Detroit bankruptcy, I thought state or local governments would have to pare down the lavish promises made to pensioners. But now I'm not at all sure of this. The politically influential public sector unions might be able to continue extracting big money from the taxpayers.

Michael Greenspan

Both excellent, especially "History lesson."

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