Short diary here, but there’s several articles about a major economic fiasco in the makings over in Great Britain.
Similar to Trumpey’s infrastructure plan — turn public assets over to private companies with “public-private partnerships”, i.e. socialize the risk and privatize the profits — the Tories over in the UK have done just that for several years now, most notably with a company called Carillion. For the past several years, the “privatize the profits” has been going on, and now comes the socialize the risk.
Carillion bankruptcy disaster - hundreds of businesses at risk
2 hospitals, a major road project, several buildings, services to schools, highway contracts, rail contracts, prisons, ministry of justice and defense contracts — all are now at risk as Carillion has screwed up the projects and is now asking to be bailed out by the government. Carillion has continued to be awarded contracts despite being on shaky financial ground for a couple of years.
Make no mistake — this is exactly where we are headed if Trump’s infrastructure plan is implemented.