Msg. 36205 of 45651 (This msg. is a reply to
36199 by
ribit)
Jump:
Back in '94, Orange County Ca (one of the richest counties in the U.S.) filed BK. Their filing was mainly due to the wild investments made by their county treasurer. The voters refused to have their taxes raised to cover the huge deficit, so they burned the investment entities instead; which is what the U.S. should have done over the past few years.
Jefferson County Alabama is living proof that ya can't borrow your way out of debt, spend yourself rich, nor raise taxes indefinitely. Sooner or later, all the chickens come home to roost.
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