Asking whether a bailout backlash is building, Will Collier asks an important question:
A variation on the same question can be asked regarding the massive 2009 “stimulus” package, most of which has been routed to propping up profligate state and local governments: why isn’t the so-called public sector cutting back along with the rest of the country? Almost all of the job losses since the late-2008 crash have been in the private sector. States and localities are literally going broke because of irresponsible promises politicians made to government employees. Why should their financial status be any different from, say, construction workers whose jobs dried up in the real estate collapse?
Emphasis added. Via: Glenn Reynolds.