States Failing as Debt Crisis Grows
“You can run but you can’t hide,” is a line from a rock song, Don’t ask me which one but it applies to all debt. There’s something about debt which destroys us. One would think it could be ignored eventually resolving itself like so many other issues of modern day society. But, debt seems to take on a life of its own. And if not dealt with, debt becomes the Master and we the puppets.
As with Europe, the collective US and individuals have felt some underlying guilt for its success. Politicians have used that guilt to line their own pockets, increase power and enhance a bureaucracy which is destroying democracy. We have seen the riots in Greece in response to belt tightening. If we look closely we can see the signs in our states and cities as they cut back.
No rainbow will appear at the end of the day, we are heading toward cut back in state and local services. That will be the case eventually for the federal government. Short term, look to the states and cities for signs of decay.
