California, New York and other states are showing many of the same signs of debt overload that recently took Greece to the brink -- budgets that will not balance, accounting that masks debt, the use of derivatives to plug holes, and armies of retired public workers who are counting on benefits that are proving harder and harder to pay. --
Full text
Comment: Living on borrowed money is coming to an end. The problem runs deeper than the article says. The heart of matter is the modern system of a dysfunctional democracy due to the popular adulation of the state.
No comments:
Post a Comment