The city of Detroit, Michigan just declared bankruptcy.
That’s Detroit, the city which was the engine of America’s economy for generations, the city that epitomized American manufacturing might, the city that was the backbone of American prosperity.
Nothing can symbolize the collapse of America’s economy more than that. Nothing can speak more eloquently about the collapse of America’s economy than that.
Detroit. Bankrupt. That says it all.
Who’s next asks the Wall Street Journal.
From New York to Chicago to Los Angeles and everywhere in between there are any number of possibilities. American cities both large and small are struggling mightily financially, are drowning in deficits and debt and unfunded liabilities, are finding it increasingly difficult to provide even adequate basic services, are finding it increasingly difficult to meet their financial obligations. American cities are teetering precariously on the edge of a financial cliff and any number of them could collapse financially and fall over.
The Federal Government is also teetering precariously on the edge of a financial cliff and could easily fall over as well. The Federal deficit is astronomical and is rapidly growing, the Federal debt is so big and increasing so fast that it is virtually beyond comprehension and unfunded liabilities are a major major problem in Washington too.
Individual Americans are teetering on the edge of a financial cliff and many of them could also easily fall over. Many of them already have. As of this writing, less than 48 per cent of the working age population has full time employment, 37% are not working or have dropped out of the labor force altogether and another 13% are working at part time jobs, which is a historic high…since 2008 (the year Obama became President) 70% of all jobs created have been in low paying sectors and the median family income has decreased by almost nine per cent…over the past five years the number of Americans living in poverty has increased by just under 31% to almost fifty million people…the poverty rate has increased from 12.5% of the total population in 2007 to 16.5% in 2012…there are now over fifty million Americans on food stamps as opposed to twenty six and a half million in 2007 and so on and so on.
All of that means the financial situation of individual Americans is every bit as bad and every bit as precarious as governments across the country, including the Federal Government..
All of that means that America’s and American’s finances are a total and complete mess.
All of that means that America and Americans are close to financial collapse and rapidly approaching the point of no return.
All of that means that America and Americans better get their financial house in order before the economy collapses completely and they go down the drain with it.
They shouldn’t look to President Obama for help though. This mess happened under his stewardship and his stewardship is what’s keeping them in it.
Think things were bad under former President Bush do you?
They’re infinitely, infinitely worse under Obama.