Friday, June 05, 2009

States reluctantly start hacking at budgets

Well, not all states. California is still fulminating but I suspect behind closed doors ugly cuts are being discussed. Here in Illinois, the General Assembly gleefully disbanded and ran home. So, let's see what's going on elsewhere in the country.

Minnesota will begin unallotments on July 1, the beginning of their fiscal year. The state has a unique setup that mandates the governor to make cutbacks when the state's chief financial officer formally reports the state can't meet its budget. Their budget shortfall is so great that they have to make significant cutbacks.

Alabama home to bankrupt Jefferson County, is also making cuts. The poor, the elderly, and sick will bear the brunt of most of the cuts.

Meanwhile, Rep. Ron Paul's HR 1207 and Sen. Bernie Sanders S.604 - the Federal Reserve Sunshine Act of 2009 are sitting on Capitol Hill. The House and Senate versions are identical.
The House bill has 175 co-sponsors. Not one in the Senate.
The bill calls for an audit of the Federal Reserve system.

Ron Paul has acknowledged that he and his staff have received death threats.

The Fed has hired a lobbyist firm to gin up opposition to the House and Senate bills.

Not a single black Congressman from Illinois is supporting this legislation.

You can make a strong argument that blacks suffer disproportionately from Fed policies - certainly no less than other middle-, working-, and poor classes. And yet, nowhere to be found.

Oh, and the Sox are losing to Cleveland 4-0 at the time of this writing.

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