Promises, promises, promises. That’s all the democrats can do. However, now is the time to pay the piper. And guess what? The bank is empty. The money is gone, swindled away by large government mismanagement, payoffs and fluff-filled budgets- leaving people wondering where the money went.
Across the nation, cities and states are watching Detroit’s largest-ever municipal bankruptcy filing with great trepidation. Years of underfunded retirement promises to public sector workers, which helped lay Detroit low, could plunge them into a similar and terrifying financial hole.
A CNBC.com analysis of more than 120 of the nation’s largest state and local pension plans finds they face a wide range of burdens as their aging workforces near retirement.
Across the country cities are going bankrupt and there is no one to blame but the politicians themselves. Did they think this ponzi scheme could go on forever? Did they think they could raise taxes forever? Democracy is a funny thing. I’ve learned that it is a tenuous institution. Why? because eventually people will get smart enough to vote in those that will give them”stuff”, eventually bankrupting the system. And that’s where we are. Bankrupt and heading down the road to further impoverishment, dependency and Obamacare. This is what we voted for and this is what we got.