Dear Editor:

Not the people and their cherished businesses, mind you, but blue state governments themselves, including Maine. Separate the two, and you get it.

Blue state budgets continue to be hopelessly illiquid pyramid schemes, despite a booming national economy with 3% unemployment before the lockdown, thanks to ever-expanding spending on free education, free healthcare, free welfare/Medicaid, free and exorbitant public sector salaries and pensions, and a host of other free stuff.

What is sustaining this blue state (and your) profligacy? Unlimited borrowing via municipal bonds, that’s what, to whom U.S. states and cities now owe a staggering $5 trillion, an amount that continues exploding, and that can never be paid off by future generations. And here are the three groups who own 85% of the ‘Muni’ debt:

First, the ultra wealthy/wealthy own about 55%. Think Buffett, Gates, Bezos, Zuckerberg, Fink, Page, Brin, Hastings, Diamond, Blumberg, etc., all money-train Democrats.

Second, mutual fund companies own about 25%: Nuveen, owned by the public teachers’ unions, Vanguard of Philadelphia, American Capital Group of Los Angeles, Blackrock of NYC, and Fidelity of Boston. By association, all of these ‘investors’ are totally committed to the Democrat Party blue state agenda.

Third, so-called non profits own about 15%: most non profits are not charities ; they are principally fronts for activists pushing the Democrat Party agenda.

So now you get it: ultra-rich Democrats are enriching themselves on the backs of blue state taxpayers, and this outrage needs to end with blue state/big city bankruptcies now. What better way to “redistribute wealth?”

Thank you, COVID-19, for this most revealing lockdown.

Phil Molvar

Southport