Too much largesse
April 11, 2012 · 10:27 AM
I am dumfounded by the misdirection of partisan politicking and union (public and private) indulgences that seem to camouflage the destructive largesse of the recent past that has caught up to us.
The developed countries have appeased their unions, governmental employees and disadvantaged citizens with increased handouts, salaries, employment and benefits that belie any conception of competitive economics.
Second, our politicians have accomplished this, in pursuit of re-election, with deficit spending and increasing amounts of short-term government debt as a percent of GNP.
Finally, the problem has been compounded this past decade with extensive damage to our financial system by our "gatekeepers" not enforcing regulatory authority in the areas of bank lending, debt securitization, debt rating methodology and government agency oversight.
We need to back off the proportion of GNP dedicated to governmental affairs, streamline regulation, apply meritocracy to bureaucrats, and roll back the suffocating excesses of wages, seniority, non-productivity, and benefits of government, municipal and union employees.
I know it is an election year and the administration wants to hand over candy and privileges to its constituents, but I am seriously concerned for the fragility of our recovery and the debt crisis precipice that is clearly visible.
Harvey Gillis, Bellevue