Local governments both in CA, NY, and NJ are over-bloated. How about firing half their employees without pension?

Basically, that’s what Chris Christie is doing in NJ in a figurative sense — reigning in the local governments while NOT allowing them to increase taxes much. Harsh medicine but 100% needed.

Lastly, local governments have gone bankrupt even during inflationary times. Remember the 70s? “FORD TO CITY: DROP DEAD – President vows he’ll veto any bailout.” (For NYC.)