Tuesday, August 6, 2013

Detroit's Not the Only One

We all read about the first major city to file for bankruptcy. It was Detroit, Michigan. Once the most powerful manufacturing city in the USA, now a collapsing, crumbling, ghetto. Sad but true. I grew up in Detroit and it once was a place to be proud of. But that was long ago and this is now. Those who were smart way back then, saw the light and left the city. Those who could, did so over the span of about 30 years. Detroit's population dropped from about 2 Million in the 1950's to less than 800,000 currently. The revenues just aren't there any longer, but Detroit keeps on spending.

City employees who retired from Detroit were given pensions as part of their union contracts. These people depend on their pensions for subsistence as seniors. Now the city of Detroit cannot afford to pay these pensioners because they have unfunded pension accounts. Politicians and unions never set-aside ANY funds for pensions but spent the money as fast as they got it. Their goal: to re-distribute the wealth as all good Progressives do. Thank the unions and corrupt politicians for that! They gathered revenues and spent them faster than they collected them causing outrageous debt. They did so for almost 60 years. This finally is coming to a halt with severe consequences.

Now that Detroit is out-of-money, there's a matter of who's going to pay for these mistakes? Will it be the pensioners themselves? How about the bond holders who invested in the city? Or will it be the US taxpayers who will bail-out the mis-management and political corruption of Detroit for the past 60 years? None of this will be fair, but it IS reality!

Keep in mind that Detroit is NOT the only city in the US facing this problem. Chicago, Illinois is closely trailing behind Detroit and is running huge deficits that they cannot make up for the same reasons - mis-management and political corruption. After Chicago, who's next? How many other big cities are "too big to fail?" Why should the US taxpayer be responsible to bail-out all of these cities? Isn't the American government facing similar problems? Who's willing to bail-out the United States of America?  China already owns a large chunk of our debt.

If we literally borrow or print money to "bail-out" these cities, isn't that exacerbating the problem for our Big Government as well? We (the USA) are also broke on a much grandeur scale. Why should US taxpayers make the national situation worse by trying to help cities "too big to fail" in the first place? This is literally "self-destruction" and it's stupid to consider it.

Where's your humanity? (You ask?) Where's your REALITY? (I ask). It's a no-win solution. Isn't it time to stop "kicking the can" and fess-up to the fact that we need to STOP Big Government spending money we don't have and stop living in Progressive La La Land drinking the Kool Aid.

STOP giving bail-outs to anyone the government "decides" deserves one. It's just wrong to let people not be held responsible. It's time to face the fact that Progressive ideology caused this mess and we need to stop doing it.

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