With the national media attention concentrated on the Gulf Oil spill, two news stories went unnoticed by most media affiliates. Yesterday the New York Times reported on government control of Fannie Mae and Freddie Mac which taxpayers have bailed out to the tune of $145 billion and growing, the amount each day, with speculation that it could reach $400 billion.
The other story, the Washington Post reported how a municipality in Pennsylvania is heavily in debt predicated by extravagant borrowing and spending. This one act is not isolated just to Pennsylvania, but is being repeated across America.
States that are facing huge budget deficits in order to balance their budgets are calling for deep spending cuts and higher taxes. All the while the nation is facing the worst unemployment numbers in decades. The lavish spending and reckless borrowing is now coming due, unfortunately at the expense of the taxpayers.
America is in for one long wild ride, but if we wait for Washington we will be waiting for a long time.
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