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Mitch McConnell is in Favor of Letting States Declare Bankruptcy

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On April 22, 2020, Senate Majority Leader Mitt McConnell stated that he is in favor of letting states swamped with high public employee pension costs, who are now pushed to the limit because of the Wuhan virus pandemic, to declare bankruptcy instead of receiving a federal bailout.

“I would certainly be in favor of allowing states to use the bankruptcy route,” he declared on April 22 in response to a question that conservative radio host Hugh Hewitt asked him that day. “It’s saved some cities, and there’s no good reason for it not to be available.”

Hewitt alluded to California, Illinois and Connecticut as states that have bloated public sector union benefits. McConnell expressed his reluctance to pile up more debt through more bailouts.

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“You raised yourself the important issue of what states have done, many of them have done to themselves with their pension programs,” he stated. “There’s not going to be any desire on the Republican side to bail out state pensions by borrowing money from future generations.”

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McConnell’s remarks provoked great criticism from state and local officials.

New Jersey Democrat Governor Phil Murphy, said he was shocked by McConnell’s remarks, which he called “completely and utterly irresponsible.”

“He’s dead wrong. You have my word we won’t go bankrupt,” he stated. Without cash to states, Murphy commented, governors will be compelled to “gut the living daylights out of every state of America,” cutting budgets and eliminating essential services.

New York Mayor Bill de Blasio went on Twitter and said that McConnell “wants police officers to lose their jobs. He wants firefighters to go broke. He wants hospitals to close and sick people thrown out on the street.”

McConnell’s statements were also countered by House Speaker Nancy Pelosi, who said on Bloomberg Television on April 21 that a “major package” of aid for state and local government will be tacked on to the next stimulus legislation that Congress is considering.

McConnell may also find himself in at odds with President Donald Trump. The president said April 21 after meeting with New York Governor Andrew Cuomo that states will need assistance. “And I think most Republicans agree too, and Democrats,” Trump said. “And that’s part of phase four.”

On Fox News, McConnell said that any state or local aid must be specifically connected to the pandemic and shouldn’t be used for the purpose of “revenue replacement.”

“We’re not interested in solving their pension problems for them,” McConnell stated. “We’re not interested in rescuing them from bad decisions they’ve made in the past. We’re not going to let them take advantage of this pandemic to solve a lot of problems that they created for themselves with bad decisions in the past.”

Other skeptics of a federal bailout of the states say it would be in violation the federalist system and the sovereignty of states as outlined in the Constitution. If states were allowed to seek bankruptcy protection in federal court, a judge and Congress could exercise influence over states’ fiscal policy.

The National Governors Association claims that states and municipalities will need at least $500 billion in aid to handle the crisis brought about by the Wuhan virus pandemic as tax revenue plummets and demand for services grows.

The last time states have defaulted on debts was the Great Depression.

With looming economic uncertainty, many high-spending states could be in for a wild economic ride.

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Globalist Oligarch George Soros Drops $50 Million Into 2020 Election

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The Free Beacon reported that George Soros has pitched in $50 million to Democrats’ PACs and campaigns in the 2020 election cycle.

These contributions represent a record amount of financial support for the billionaire oligarch.

In the 2020 cycle, Soros stepped up his political spending through the Democracy PAC, which he established in 2019 to dump large sums of money into other leftist organizations.

According to new filings to the Federal Election Commission, the PAC donated nearly $17 million last quarter, which brought its total spending for this cycle to $48 million. Soros donated $4 million directly to Democrat campaigns and committees without first funneling the money into his PAC.

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The $52 million cash injection is over twice the amount that Soros donated in the 2016 presidential election cycle —  $22 million.

Ironically enough, Democrat candidates who have benefited from Soros’ generous candidates have lamented about the influence of money in politics. According to Joe Biden’s government reform plan, he vows to “reduce the corrupting influence of money in politics.” Biden’s website says, “We could improve our politics overnight if we flushed big money from the system and had public financing of our elections…. Democracy works best when a big bank account or a large donor list are not prerequisites for office.”

The Right has criticized Democrat hypocrisy regarded money in politics, while many Democrats still receive Soros money. “While Democrats across the country sanctimoniously rail against the influence of dark money in politics, their party’s largest donors are bankrolling a massive web of liberal organizations to get them elected,” a GOP operative said to the Washington Free Beacon early in July. “George Soros’s unprecedented spending further highlights just how dependent Democrats are on contributions from billionaires, despite their hypocritical rhetoric.”

Soros pitched in $500,000 to the Biden Victory Fund, which has already pulled in $83 million for this cycle.

In 2020, Soros is starting to become sneakier with his electoral spending Previously, he donated to groups directly under his name. Now, he is transferring tens of millions from the Fund for Policy Reform, a nonprofit with a budget of $750 within his vast Open Society Foundation network, into Democracy PAC. From there, the PAC donates it to other Democrat PACs and committees.

Soros views this election cycle as a crucial moment in American history. During a speech at the World Economic Forum earlier this year, the octogenarian billionaire declared that the “fate of the world” is at stake and called Trump a “con man” and “authoritarian” who is “willing to sacrifice the national interests for his personal interests.”

Soros is one of the most prolific globalist oligarchs in the world. His support comes in handy for the Left, which is constantly in need of funds to promote their identity politics causes and other projects such as radical gun control.

This will not be the last time we will hear about Soros.

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