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Author Topic: "Federal government twice as bankrupt as Detroit"  (Read 844 times)
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WhiskeyGirl
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« on: August 08, 2013, 11:09:00 PM »

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Detroit declared bankruptcy a few days ago.

I’ve written for years about how Detroit should serve as a stark warning to Americans who believe in liberal social policies, like highly progressive taxes and expensive social safety nets.

These socialist programs don’t cure income inequality. They merely destroy wealth by reducing incentives for building businesses and encouraging dependency. That’s why societies with lots of government spending typically have few civil institutions and a small middle class.

Here’s the message our politicians on both sides of the aisle seem to miss: Fifty years ago, Detroit was one of the largest and wealthiest cities in the world. Nearly 2 million people lived there, and it enjoyed the highest per-capita income in the United States.

 

Printing trillions in new dollar bills to facilitate the madness won’t prevent the inevitable bankruptcy of our country. It will merely gut the middle class of its savings and its wages first.

Believe me, this will come to pass. It will not take another 50 years. Maybe 10.


Read more at http://www.wnd.com/2013/08/dederal-government-twice-as-bankrupt-as-detroit/#mKaojrhmY5Jgw7xx.99
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