The "Great Recession"

Go watch the federal debt clock at http://www.usdebtclock.org. It shows the federal government — your congresscritter and mine — have promised to pay the folks who bought U.S. bonds $13 trillion which they don’t have. Your personal share — the amount your congresscritter and mine promised to squeeze out of you to pay off those IOUs, if you’re a taxpayer — is about $117,000. Make that $180,000 when all government debt is included.
Total United States unfunded liabilities are 108 trillion dollars!
With average family income at about $62,000 dollars per year (much less here in Jackson County) it is quite obvious to me that we can NEVER pay the principle.
Because of this, someday soon, the Chinese, the Japanese, the Germans, and others are sooner, rather than later, going to stop loaning money to these Pharaohs of Fakery, these Ptolemies on the Potomac — or else the “District of Criminals” creditors are going to start demanding some serious collateral for their loans, which won’t be politically popular--like maybe the Hawaiian Islands or perhaps even Manhattan Island?
Commissioners, I’ve told you before that I believe that all of you are good, honest men. I still believe that. However, Jackson County’s current debt totals $39,805,907.26. The legal debt margin for this coming fiscal year is $849,443,885.54. Both of those figures are way too much debt for such a small, poor county.
A few weeks ago in a public forum, the county manager was crowing about how the 2010-2011 proposed budget was a “balanced budget.” He had made a few cuts in personnel and other expenditures and he felt pretty proud of himself. Unfortunately I haven’t been able to find any cuts in the proposed budget that include those “fat cat” raises that the county managerial employees are picking our pockets for. Why not?
Gentlemen, I am in sympathy with anyone who has had their budget cut for the coming fiscal year. I’ve had to cut my expenses in the last few months so I can relate. But this is the “Great Recession.” It might even turn into the Second “Great Depression.” It is past time to put some responsibility into our county finances and not just balance the budget. It is time now to cut it down to a sane, prudent amount.