What makes WI budget deficit look pathetic?
General Motors’ debt. The car company just declared bankruptcy, saying it owed over $172 billion. That’s right, more than 34 times bigger than the Wisconsin budget deficit, which, after being slashed by $1.6 billion, may be as little as $5 billion. Apparently some people are convinced that government ownership of GM will somehow affect the quality of the cars. My question is – how could GM cars possibly be any less appealing? Others cite the government take-over of GM, including Obama’s firing of the former CEO, as evidence that the country is moving toward a previously unacceptable system of socialism. What kills me is how these people don’t seem to understand the fact that GM “accepted government funds.” That it entered into a contract with the government. That it’s no different from any business that receives corporate welfare, or in fact, any state that receives aid from the federal government. Money always comes with strings attached. See the national drinking age.
