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Surprise, Broke States Must Make Cuts: ‘The Credit Card is Maxed Out. It’s Over. It’s Over.’
December 24, 2010
Millions of Americans who have been told that our economy is now in a period of recovery may be surprised to learn that most states are so broke that they are left with no other choice but to cut spending on literally everything. Governor Christie of New Jersey is, according to 60 Minutes, the canary in the mine:
We spent too much on everything. We spent money just crazily. The credit card’s maxed out. It’s over. It’s over.
For readers of this web site and other alternative news and contrarian outlets this report was to be expected. We’ve been reporting on, and our readers have been contributing their insights via comments for quite some time – at least a couple of years now – about the fundamental problems facing our country. For those who have questioned their own sanity, or have had their sanity questioned by friends and family when trying to spread the message of preparing for the Greatest Depression, Governor Christie just proved that you’ve been right all along:
Where am I getting the money? I don’t have it. I literally don’t have it.
It’s not like you can avoid it forever because it’s here now. We all know it’s here. And the Federal government doesn’t have the money to paper over it anymore either for the states. The day of reckoning has arrived. And it’s going to arrive everywhere.
Unlike the federal government, states don’t have the ability to issue debt and print as much money as is needed via the digital presses at the Federal Reserve. They are left with no choice but austerity measures via spending cuts. And, as Charlie McGrath pointed out recently, Austerity will hit America like an Eight Pound Sledgehammer.
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