Saturday, February 28, 2015

Chicago, Running Out of Other People's Money

Exclusive: Chicago nears fiscal free fall with latest downgrade - Yahoo News Canada:

Progressivism and socialism are great systems until you run out of other people's money. It's a lot like the Rock N Roll lifestyle -- booze, sex, drugs. Looks pretty glamorous for awhile, then, sometime around their 30s if not before -- they either wise up or die. Event he "wising up" often incurs a good deal of collateral damage.

If most people didn't have to work and everything from food, housing, clothing, entertainment, education, healthcare, etc could be provided for free, life would maybe really be like hanging around the university for a month between semesters with no job and 10 grand or so you inherited from your grandmother and decided to blow like a "responsible" 21 year old.

Unsurprisingly to those over 21 without 10 grand inheritances and a greater sense of realism than rock stars, Rahm Emanuel, BO, or the NYTs -- places like Chicago, Detroit, NYC, DC, CA, etc run out of money. You can read about Chicago's current woes in the linked article.

Nobody is looking now of course (D in the WH), but the US debt is over 18T, and the unfunded liabilities for FICA, Medicare, etc are $60T and rising.

Party on.

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