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Biggest Debt Bomb in History

The Truth is We’re Freakin’ Finished

Politics / US Politics Dec 30, 2010 - 01:10 PM GMT

By: Mac_Slavo

Politics

Best Financial Markets Analysis ArticleWhile Bob from Drinking With Bob may be a little bit emotionally driven he does a pretty good job of getting his point across. In the following video Bob rants about the failing public services sector in New York and points out what many of us already know:


(Video follows excerpt and commentary)

The truth is we’re freakin’ finished. The government has bankrupted this city, this state, and this freakin’ country. Meanwhile, they keep freakin’ taxing us. New York City is charging for services they can no longer provide. It’s like charging you for a movie they’re not going to make, or charging you a toll to go over a bridge that doesn’t freakin’ exist.

New York is just a microcosm of the greater problem facing the nation. As we reported in Doomsday Fear Mongers Get It Right Again, the cities and states are facing extremely serious budget problems which will eventually lead to a federal fiscal crisis unlike anything we’ve ever seen in America.

Bob discusses the problems New York is having with the lack of sufficient emergency personnel and law enforcement - and this trend is only going to continue to expand. Just about every state and major city in the country will be forced into the same cuts. They simply do not have the money to pay for these services anymore. Financial analyst Meredith Whitney stated in mid-2010 that the public sector will have to lay off 2 million workers over the coming 24 months - and that won’t even help them to break even, that’s just to keep operations going.

Currently, the focus is on the aforementioned public sector jobs, but consider what will happen as states can no longer afford public pension funds or health and human services like Medicaid and Medicare. Eventually, the contagion spreads to the Federal level.

The billions of dollars in services on which many Americans depend will start being reduced. This is going to hit Americans like an 8 pound sledgehammer.

We’ve become so dependent on entitlement programs, that the majority of people on those soon to be cut services will be left with nowhere to turn.

As early as the first quarter of 2011 we can expect to see massive protests, potentially even riots, as public pensioners and employees hit the streets because Republicans are now prepared to pass new legislation that will force states into bankruptcy - no more borrowing - which means states are going to have to make significant cuts to those pension funds.

Over the course of the next couple years, the outrage against forced austerity will continue to spread and will include all of those who have become accustomed to free government handouts, including those on welfare, health care, food stamps and unemployment. It’s not going to be pretty.

All the while, as government pulls services, they will move to raise taxes, either overtly or under the cover of doublespeak legislation or inflationary monetary policy.

Bob on the incompetence of Mayor Bloomberg and the state of affairs in America:


By Mac Slavo
http://www.shtfplan.com/

Mac Slavo is a small business owner and independent investor focusing on global strategies to protect, preserve and increase wealth during times of economic distress and uncertainty. To read our commentary, news reports and strategies, please visit www.SHTFplan.com

© 2010 Copyright Mac Slavo - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


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Biggest Debt Bomb in History