Tuesday, August 2, 2011
"A Bankrupt America"
Orange County, California, Central Falls, Rhode Island, Vallejo, California; all recent city and county entities declaring bankruptcy. Cited as the cause were the excessively generous public employees pay and who absolutely refused to take a salary cut or contribute to their own retirement fund. Get ready for this scenario to play out a thousand times across the nation in the next few years.
As the federal government is forced to cut back on its own spending there will be little funding available to funnel to the states. Since we know what "flows down", look for the states to tighten up and squeeze the cities and counties and leave them to fend for themselves. Again "flowing down", the cities and counties will try to make up the shortage by raising sales and property taxes on you. Sorry, but you can't pass the crap down....you're the bottom of the food chain.
Twenty percent of you will be watching these government entities like a hawk and rebel at the first sign of a sales or property tax increase. Another fifty percent, who are on the government take through welfare or who have bred enough babies to qualify for huge child tax credits and tax exemptions will do nothing since they have created their own "dependent tax shelter and could not care less about the tax burden. The remaining thirty percent of you are so extraordinarily ignorant about government activities that they'll just be shocked by the turn of events.
The migratory pattern that has been developing for the last forty years will continue; the working class will continue moving to states and communities that are more vigilant about containing costs while the "tit-suckers" will continue to hang around the Blue States (like California, Illninois, New York and Washington) and continue to suck like leeches on the last remaining productive taxpayers until there is nothing left but a third world community, crime-ridden and without an ounce of community responsibility.
Last year, when the economy tanked, while Wisconsin was enforcing labor concessions and confronting their deficits, Illinois, home to corruption-ridden Chicago, opted instead to double the income tax rates for the few who still had a job. California has been running 25 percent annual deficits for a decade while feeding, housing, medicating and educating 20 million illegals. California has sold off their state parks and buildings and hocked everything they own in order to cater to the invaders and several million unionized state workers who pull in annual salaries of $200,000 plus.
Financial analysts who cover municipal bond debt are projecting hundreds of municipal bankruptcies over the next decade. Perhaps bankruptcies are the only way we can get control of these unionized thugs. As to the $330 billion we are forking out for illegals each year, well, that's another battle entirely.
America itself is so drowning in debt that our foreign bond holders, like China, are now telling us what we can and can't do. Most Americans can't even comprehend how massive is our debt. And even in the most stringent political scenario offered to date our $14.3 trillion dollar deficit expands to over $20 trillion before this decade is out. Of course, that does not take into account the $74 trillion in unfunded liabilities for Medicare, Medicaid and Social Security.
America is already bankrupt; we just don't have a court to tell us so. The saddest part is that America's citizens are bankrupt as well; bankrupt in caring and bankrupt in the moral indignation that is required to turn this nation around.
Sad, Damned Sad.