I hope everybody had a great Christmas, because I have a strong feeling that come 2011, there won't be much to be merry about. Normally I am the eternal optimist, but I see something in the works that has me worried. Of course the media isn't going to air this problem like they would if a Republican was sitting in the White House as president. We all know that the federal government is broke. The dollars that are rolling off the printing presses at the US Bureau of Engraving and Printing
which is apart of the Treasury Department might as well be considered funny money to an extent. For as bad as the federal government's outrageous debt level is, nobody is hardly talking about how bad off the states are financially. As I said before, the media has a vested interest in keeping it's readers and viewers in the dark. "It will make Barry look bad". I have to give one media outlet a pass this time and believe it or not it isn't Fox News. The CBS show 60 minutes two weeks ago did a segment story called "the day of reckoning". The story was about how financially distressed many states are right now. The story actually highlighted a major source the problems of these states. State and local municipal unfunded pensions are dragging these municipalities and states down like a lead weights
. In the town of Pichard Alabama, the town decided not to pay the pensions of it's retirees
. They didn't do it not because they didn't want to do it. They couldn't "afford to do it". They simply don't have the money to do it. Pichard isn't an isolated case. There are estimates that in 2011, 100 cities could go bankrupt due to unfunded pension obligations and crushing debt levels
. People who have common sense knew that Obama's "stimulus" money wasn't meant to actually stimulate the economy. It was merely used as "bridge financing" to be used to plug up the state's ballooning deficits. Well come next year, the "stimulus" money runs out, and more then likely their will be no more band aids from Washington with a Republicans super majority in place in the house. There is only one logically conclusion to what is going to happen. The day of reckoning will arrive".