Fifty years of Democrats running the city of Detroit led to it filing for bankruptcy last week. Unsustainable demands from its 48 unions gradually drove out private industry, as government became the largest employer. Its shrinking tax base can no longer support the massive pension debt obligations and still provide a minimum level of city services. Nearly half of the city's debt is to underfunded pension plans and retirees.
Mitt Romney presciently warned in 2008 that if the government bailed out the automakers, it would ultimately destroy Detroit. "Without that bailout, Detroit will need to drastically restructure itself. With it, the automakers will stay the course - the suicidal course of declining market shares, insurmountable labor and retiree burdens, technology atrophy, product inferiority and never-ending job losses. Detroit needs a turnaround, not a check." Obama and the Democrats in Congress didn't listen and chose to bail out GM and Chrysler.
Detroit reached its zenith in the 1950s. It was the fourth-largest U.S. city and had one of the country's highest per capita incomes. A manufacturing capital, the city provided 75 percent of the production for World War II. GM CEO Dan Akerson laments," If you go back to the early '60s, Detroit was the Silicon Valley of America. If you were an engineer, you wanted to be in Detroit." more >>
Why, when there is no question that nothing has created more wealth and eradicated more poverty than capitalism, do left wing politicians hate it so much?
After all, it's supposed to be the left that cares about the poor.
The latest chapter in this ongoing saga of economic perversity is action being taken in Washington, DC to prevent Walmart from opening stores there. more >>
Welcome to the post-sequester apocalypse. As much as President Obama will have us believe otherwise, the greatest financial catastrophe in the coming days will not be of Washington's making at all.
If you're looking to see what a policy of liberalism can do to a city, look no further then Rock City. Despite one of the most aggressive ECD campaigns featuring celebrities Eminem, Jeff Daniels and Tim Allen, not even Hollywood can save Detroit from going broke and despite being taken over by the State of Michigan saving the City still had to declare bankruptcy.
President Obama on October 13, 2012 stated that he "refused to let Detroit go bankrupt." Well, Mr. Obama maybe you should have tried to write a very big personal check to save Detroit as once again your words have been proven false. more >>
In the last several elections, we've witnessed a failed campaign strategy in which the Republicans campaigned not on morality, but on prosperity. It was money over morality. Rather than have the courage to call out sin by its name, Republicans chose to talk about the economy. Talking about the economy is safe. It's politically correct. It's non-offensive. And non-religious.
As a result, a lying anti-American was given free reign-twice-- to wreck the country.
Indians know what it's like to live in the past. Now American patriots will know. They are on an ideological reservation now, and soon, perhaps, on an economic–or even geographic reservation. more >>
Americans have every right to be worried. Come January 1, 2014 and for years to come, their health insurance premiums will implode, their taxes will increase, and the nation's deficit will soar-all thanks to President Obama, those who voted him and Democratic Congressmen who voted for ObamaCare.
Americans can expect individual premiums to become unaffordable. According to a new report released by the House Energy and Commerce Committee, ObamaCare will increase individual health insurance premiums by an average of nearly 100 percent. In some cases, premiums could rise by 400 percent. The committee prepared the report based on internal documents they received from some of the nation's largest health insurance companies. "The average yearly cost for a new customer in the individual market grows from $1,896 to $3,708-a $1,812 cost increase," the report states.
The Committee projections were right. Last week, for example, Covered California-the name for the state's insurance exchange-released the rates that Californians will have to pay to enroll in the exchange-an increase of up to 146 percent for individual premiums. more >>
The annual Trustees Report for Social Security has just been issued and the news is that there is no news. Social Security is on its way over a fiscal cliff – what we hear every year when the report is issued.
According to this year's report, Social Security will be insolvent in 2033 – 20 years from now - when those now 47 years old will be eligible for their full promised benefits.
Nothing gets done because the heroes representing us in Washington won't act on anything politically tough until emergency sirens force them. more >>