Detroit Is Bankrupt

This is a further example of the incompetence of the politicians who are running this country, as well as most of the countries in the world. This incompetence is evident when you look at it and see the rampant bankruptcy in the world. And it’s all because of collectivism (socialism, communism, Fascism, Progressivism). This economic theory depends, not on  creating new wealth, but on taking from those who EARN and giving to those who DON’T, or WON'T. It creates NO new wealth and PRETENDS to “distribute that earned by others, to people who don’t, won’t, or can’t earn for themselves. Adding to that is the lavish "retirement programs" they created back when they thought the money would never run out. Now they can't "pay up" and it's time to "pay the piper" and they're declaring bankruptcy and defaulting. Creating no new wealth is a GUARANTEE that, sooner or later, (most likely sooner) you’re going to go bankrupt. Detroit, and the federal government of the United States, are ample evidence of that incompetence. To mask that incompetence and keep it from view, they concentrate on unimportant things, like the “baby watch” in England, devoting many resources to keeping an eye on the royalty there, breathlessly awaiting the birth of the next heir to the British throne so they don’t have time to watch what’s going on right here. Another “diversion scam” is “Twinkies.” While we’re watching to see when “Twinkies” return, we’re not watching anything else. Meanwhile, the fate of Hostess Bakeries, original owner of "Twinkies," is still further evidence of incompetence. They committed themselves to more than they could ever pay and went out of business trying to pay it. (Just common sense)