Two important events coincided yesterday. Detroit’s bankruptcy was judicially approved, so that its $18 billion debt and $3.5 billion in unfunded municipal pension obligations can be dealt with. And the Illinois legislature voted to approve a plan to finally address its own $100 billion unfunded government employee pension obligation, which is separate and apart from the State’s $15 billion annual budget deficit. What’s going on here?
Well, the chickens are coming home to roost, that’s what. For years, civic leaders having been giving away our money to curry favor with government employee unions, and now it’s time to pay up. These were deals with the devil: we’ll give away the store to you, and you vote to keep us in office so we can continue to overspend in your favor. Now the unions talk of the sacrifices they’ve made and the unfairness of it all. Nobody asked you to be a bus driver your whole life. You were ill-educated, and you got a job driving busses or pushing paper or giving lawyers a hard time in the courts — whatever – and your vote was purchased with my money. There are no victims, just volunteers. Now it’s time for a haircut. Stand up and take it like a man.
The alternative is bankruptcy. Oh, yes, Detroit is bankrupt. So is our federal government. The only difference between Detroit and D.C. is that Uncle Sam has printing presses. Otherwise, they’d be in bankruptcy court, too. It’s only a matter of time. Pretty soon the greenback will be as worthless as the old Conferate currency.
SO SAYS THE SENTINEL.
Debt: $17.208 Trillion (up)
Deficit: $658.830 Billion (down due to the sequester cuts)
Interest: $255.121 Billion (ditto)
Entitlements: $126.826 Trillion (up)
THE UNITED STATES IS BANKRUPT AND INSOLVENT. GOD SAVE OUR PRINTING PRESSES.