60 Minutes runs an extensive report on how state and local governments have major deficit problems just as the federal government does. They feature both Meredith Whitney, one of the most respected financial analysts on Wall Street and Governor Chris Christie. Both are good picks because they both tell the truth about how bad of a financial crisis we are in. Whitney even says that in the next 12 months there are going to be many governments defaulting on loans all around the country. This is terrible news and will likely bring about a financial meltdown sooner than later. Even a few honest senators, including DeMint, believe this will all come tumbling down in couple of years if we don’t do something about it.
This report from 60 Minutes is definitely worth the watch but it may leave you with a bit of a sick stomach.
I know this problem is bigger than Obama, but geez, how can the MSM do fabulous reports like this and not see that the whole trillion dollar stimulus was just a load of crap. It did nothing more than grow our debt, and all the money that was given to state and local governments has now run out. Just like GM, after taking tax payer money several times and finally having to go bankrupt to fix their core problems, state and local governments will have to do the same. It’s ridiculous that they just continue to let Obama and crew lie about this when the facts are staring them right in the face!