Armstrong Economics Blog/Sovereign Debt Crisis
Re-Posted Jul 13, 2017 by Martin Armstrong
John Kass of the Chicago Tribune has come out with a blunt article, yet it is the only possible solution since the government is effectively just bankrupt with no hope of recovery. He writes:
“Illinois is like Venezuela now, a fiscally broken state that has lost its will to live, although for the moment, we still have enough toilet paper.
But before we run out of the essentials, let’s finally admit that after decade upon decade of taxing and spending and borrowing, Illinois has finally run out of other people’s money.”
To comprehend what is happening, all we need do is understand that socialism has really been about government helping themselves to other people’s money for their personal benefit. Their constitution set that government pensions come before everything else. How is that helping the poor to paying…
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