I read an article in the UK Guardian over the weekend (July 14, 2012) – Scranton, Pennsylvania: where even the mayor is on minimum wage – which told a sorry tale of municipal bankruptcy in the US. There was an earlier story in the UK Daily Mail (June 26, 2012) – Camden, city of ruins: Depressing images of once-thriving metropolis reduced to decaying, crime-ridden rubble – that traversed similar terrain, except carried a number of graphic shorts of urban decay in the face of persistent recession. What these articles tell me is that the US Federal system has failed its people. The rigid balanced budget rules at the State level and the ideologically-driven unwillingness of the Federal government to use its currency powers to redress the damage caused by the application of those rules at the State level have combined to create wastelands across the urban landscape in the US. The damage that is being caused each day will haunt that nation for years to come. Meanwhile, the ideologues are trumpeting a new book about 4 per cent solutions that claim large-scale government cutbacks are needed to re-create the US as a great nation. From afar, one can only conclude that the US glory days (whatever they were) are passing – probably more quickly than they care to acknowledge.Read it at Bill Mitchell — billy blog
US government is undermining its own people
by Bill Mitchell
Because the US is afraid of becoming the next Greece or the next Zimbabwe, it becoming a failed state. Dangerous for the US and the world.