Child #1 is responsible with money earned/received so Child #1 has money saved when a big 'want' or 'need' comes along -- iPod, computer, cell phone, college, vacation, -- & for future purchases; Child #1 strives to live within their means.
Child #2 is irresponsible, spends every penny earned/received & runs up massive debts to 'pay later' so when a big 'want' or 'need' comes along, they run to Mommy & Daddy for $$. Child #2 continues to spend & accumulate more debt even after being rescued time & again by Mommy & Daddy.
Substitute the words "Most state governments/taxpayers" for "Child #1"
Substitute the word "California " for "Child #2"
Substitute the words "Federal Government" for "Mommy & Daddy"
Last question: if California can continue to spend like congress & the president, i.e. with nothing to back it up & no money to cover the debts, why should any other state in the country try to operate in the black?
A bailout of irresponsible state governments (AND businesses) rewards them for being irresponsible & penalizes responsible state governments (AND responsible businesses).
Substitute the words "Federal Government" for "Mommy & Daddy"
Last question: if California can continue to spend like congress & the president, i.e. with nothing to back it up & no money to cover the debts, why should any other state in the country try to operate in the black?
A bailout of irresponsible state governments (AND businesses) rewards them for being irresponsible & penalizes responsible state governments (AND responsible businesses).
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