When you've taxed your citizens to the point of revolt, where does a government find more money to throw to it's public employee unions?
EASY! You just sell off the state, piece by piece, silly!
Chicago demonstrates the next phase of generational theft.
From the WSJ:
Consider one of the actual news stories to emerge from Chicago of late: The city's decision to privatize its parking meters. Thanks to a deal finalized in 2008, Chicago's parking meters will be operated for the next 75 years by a group of investors put together by Morgan Stanley, including the sovereign wealth fund of Abu Dhabi.
The city's longtime mayor, Richard M. Daley, is such a keen enthusiast of privatization that he has promoted it as the budget solution for every government in the land. "If they start leasing public assets—every city, every county, every state and the federal government—you would not have to raise any taxes whatsoever," Mr. Daley told the Chicago Sun-Times in January. "You would have more infrastructure money that way than any other way in the nation."
Mayor Daley acts as if he's a fiscal conservative, trying to operate state assets in the most efficient manner possible. In reality, he has bypassed the taxpayer in order to sell off state assets, that were paid for by the taxpayer.
"When it came time to approve the billion-dollar arrangement, the city council got exactly two days. It was a farce. According to a report issued by Chicago's inspector general, "No financial analysis was provided of the value of the parking-meter system to the City if it retained the system, since no such analysis had been done. . . . There was no public comment; no testimony from critics or experts; no presentation of recent studies" on privatization elsewhere.
It was not until months later that Chicagoans discovered what a lousy deal it was. The inspector general's report estimates that the private investors paid a little more than half the amount that the system would have generated had the city held onto the meters itself.
And now comes the inevitable denouement. Last week, the Chicago City Council voted to plug a hole in its 2010 budget using funds remaining from the billion-dollar parking-meter haul, despite earlier plans to invest the money for the long term. Almost all of it will be gone by the end of next year."This is theft, pure and simple. How long citizens put up with it is anyone's guess.
"Sell off public property without public scrutiny. Prohibit public input on an essential public service. Rationalize the whole thing, as Mr. Daley's administration has done, by insisting that government can't run such things as well as the private sector can.
And then, when the money runs out, privatize something else: The water supply, maybe. The sewer system. An airport or two.
Why not privatize a U.S. Senate seat, too? Just imagine what Abu Dhabi would pay for that."