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IPFS News Link • Economy - Economics USA

Wisconsin Teacher Protests Prelude To Economic Riots Coming To America?

Just look at what is happening with the federal government. Republicans and Democrats are both frothing at the mouth over extremely small budget cuts that have been proposed. Virtually none of our national politicians are even willing to discuss budget cuts that would actually make a serious dent in our budget deficits. But we have got to do something. Spending by the U.S. government is spinning wildly out of control. Back in 1970, the U.S. government only spent about 200 billion dollars for the whole year. Well, this year the federal government is going to spend somewhere around 3.6 trillion dollars, and Barack Obama's newest budget proposal calls for U.S. government spending to increase to 5.6 trillion dollars by the year 2021. If the government continues to spend money at such a rapid pace it is going to completely wipe out our entire economic system.... But it is not just the U.S. government that is spending like a drunken sailor. Most of our state governments are complete financial disaster zones at this point as well. As I have written about previously, the state of Illinois is such a financial disaster zone that it is hard to even describe. According to 60 Minutes, the state of Illinois is six months behind on their bill payments. 60 Minutes correspondent Steve Croft asked Illinois state Comptroller Dan Hynes how many people and organizations are waiting to be paid by the state, and this is how Hynes responded.... "It's fair to say that there are tens of thousands if not hundreds of thousands of people waiting to be paid by the state."