As cities and states face increasing prospects of bankruptcy, who is looking out for the public good ? Not teachers' unions - the bedrock of the Democratic party and a major beneficiary of the so-called stimulus bill that channeled hundreds of billions of dollars to cities and states so they could meet their payroll and pension obligations. The newly -elected Republican governor of New Jersey owns up to the problem and wants to meet it head on. Governor Chris Christie:"Make no mistake about it, pensions and benefits are the major driver of our spending increases at all levels of government -- state, county, municipal and school board. . . . We don't have that money -- you know it and I know it. What has been done to our citizens by offering a pension system we cannot afford and health benefits that are 41% more expensive than the average Fortune 500 company's costs is the truly unfair part of this equation" -- New Jersey Gov. Chris Christie, describing the state's fiscal...(Read Full Post)