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Why has government become so financially irresponsible?
July 17th, 2012
03:25 PM ET

Why has government become so financially irresponsible?

By CNN's Jack Cafferty:

It didn't used to be this way.

Our government - local, state and federal - didn't always spend money like a drunken sailor and run up astronomical debts.

In recent weeks, three california cities - Stockton, Mammoth Lakes and San Beranrdino - have declared bankruptcy.

Scranton, Pennsylvania is so cash-strapped that it has cut the pay of all municipal workers to $7.25 an hour - minimum wage. Scranton's mayor wants to raise property taxes by 80% to try to close a $17 million budget deficit and prevent bankruptcy.

And there will likely be more cities forced to declare bankruptcy because of toxic economic conditions.

High unemployment along with foreclosures and plummeting home values means less tax revenue.

The Los Angles Times reports that tax receipts in some areas have shrunk more than 20% over the last three years - and soaring pension costs top funding levels by as much as a $3 trillion debt nationwide.

Meanwhile our federal government is nearly $16 trillion in the hole - that's more than a $5 trillion increase since Pres. Obama took office.

CNSNews.com crunched the numbers and found that the National Debt has now increased by more than $64,000 per federal taxpayer in the last three and half years under President Obama. To pay off the entire $15.8 trillion national debt it would cost every taxpayer in the country $194,000.

In the meantime neither Democrats nor Republicans are doing anything meaningful about the so-called fiscal cliff as we get closer and closer to the edge.

Here’s my question to you: Why have we become so financially irresponsible?

Tune in to the Situation Room at 5pm to see if Jack reads your answer on air.

And, we love to know where you’re writing from, so please include your city and state with your comment.

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Filed under: Finance • Money
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