July 1, 2009
They're playing 'Monopoly' in CaliforniaTopics: Political News and commentaries
As Hugh points out at Wizbang, while the private sector has, during the last eighteen months, severely reduced spending, increased savings and paid off debt, state and federal governments have exploded in size, government debt has skyrocketed and government savings is upside down. The situation has become so bad in California that the state has run out of cash and - unable to reach a legislative solution - is printing IOU's to pay bills.
The question for all of us is, given our federal governments spending under the Obama administration and the current crop of politicians in Congress, isn't this where the federal government is heading?
Posted by Richard at July 1, 2009 9:11 AM
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