It’s not just that the federal government is $15 Trillion in debt and has unfunded liabilities for Social Security, Medicare and Medicaid of another $106 Trillion, never mind that it borrows another $0.40 for every $1.00 it spends. Even if one were to ignore all that, set it aside and not consider it an issue, the states are in awful shape themselves. As I write California, Illinois, New York, Rhode Island among others are bankrupt and having to slash the pensions and benefits of state workers in order to try and bring their budgets into balance.
Furthermore it’s not those big, bad, callus, mean spirited, people hating Republicans that are installing these austerity measures. How deliciously ironic, that it’s the Democrat controlled (in most cases for decades) state governments that are doing it. Doing it to their own unionized public service employee voting base. They have kept themselves in power in these very states for so long by making promise after promise payable from the taxpayer’s purse. Well now the bill is due, the cupboard is bare, the lie is exposed as the vicious ponzi scheme it has always been and there is nobody left to blame but themselves.
Pathetically the left has become so ideologically short sighted that they can’t see the budget crisis in the states as directly analogous to the Euro zone crisis. It is and worse. If the Europeans can’t bailout Greece without bailing out Italy and without bailout Spain and so on, what makes them think the federal government can bailout the states?
As Einstein said the definition of insanity is doing the same thing over and over again and expecting a different result.
In Europe we have the very same groups (egged on by hard core communists) that have been the beneficiaries of state sponsored largess rioting in the streets because the well has run dry. It would be delusional to think we won’t have the same thing occur here as our own crisis due.
When it does, have no doubt the left will find a way to lay blame it all on business and Republicans rather than look into the mirror at their own avarice and greed and have some second thoughts. After all violence and irrational emotionalism is so much more satisfying than self-examination and critical thinking. Mob action is easy; it has no conscience or morality, or sense of personal responsibility.
So how long before the markets and people start to realize that the math is impossible? Not until it's too late. (If it isn’t too late already.) They'll continue to look away until the consequences of their own lies and delusions have them living in filth. Then they will desperately look for someone to blame (Jews being the perennial favorites), then comes the begging for a strongman to come in and steal it all back for them.
