Most of you are probably aware of your individual states budget problems but may not be aware of how widespread and serious state deficits are. 44 states and the District of Columbia are carrying a combined $112 billion in debt. Several states are considering filing bankruptcy. If that happens, every person / bank / company that owns state bonds is going to take a huge pasting. Compounding the problems that are going to come when the dollar is devalued.
And it doesn't stop with the states either. Many cities are in the same situation. You see, this spend, spend, spend mentality of the current breed of politicians is not limited to Washington. No indeed, it starts at the local level. Let's build bicycle paths, dog parks, subsidize mass transit that almost no one uses, and on and on. As I've said before, these are nice things to have, BUT WE CAN'T AFFORD THEM! This spending HAS to stop.
Stay active on all levels,
Dumb Farmer
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