Columnist Declares America is a Ticking Bankruptcy Bomb?
Peter Ferrara in a recent foxnews piece indicated that America may be a "ticking bankruptcy bomb". According to Ferrara this is the result of politicans in America failing to adequately represent the American people with responsible policy. He promotes that there be dramatic changes at all level of government, substantial reform of entitlement programs, and cites Florida as one of those states that is existing just fine without state income taxes. He questions the need for state income taxes in general.
He notes that federal spending has soared and the entire United States is possibly facing default. With Orlando, Florida area homes alone facing foreclosure and bankruptcy rates far higher than the national average, areas like our own are what is driving part of this crisis. Now with an oversupply of foreclosed homes, without massive influx of and new movement soon the entire country may be seeing double dip recession. Perhaps temporarily good for bankruptcy lawyers and a few other niche areas, ultimately this spells bad news for the entire economy.