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article imageOp-Ed: U.S. economic collapse nears

By Eliot Elwar     Aug 11, 2013 in World
Today more U.S. cities could experience bankruptcy like Detroit. Detroit's bankruptcy filing spread major concerns throughout the financial world in America. The U.S. economy could collapse by years end.
Some U.S. cities have amassed billions of dollars in unfunded healthcare liabilities. These are legal promises to pay healthcare benefits to municipal workers beyond the employee contributions to finance those funds. This is a giant fiscal sink hole partly because of financial benefit plans and the hole keeps getting deeper, according to NEWSMAX and Document the Truth. Detroit may be the largest to file for Chapter 9 bankruptcy, but it won't be the last, according to MSN news.
Analysis
Analysts believe some U.S. cities are going to go bankrupt with incredible speed partly because of Obama’s failed economic and socialist policies. These cities are havens for big government spending and socialistic financial agendas. Socialism is a system of government where private property and the distribution of income are subject to social control and the political movements aimed at putting that system into practice. Because socialism may be interpreted in widely diverging ways, socialism ranges from statist to libertarian, from Marxist to liberal. Socialism is very good until you run out of other people’s money, according to Margaret Thatcher.
This opinion article was written by an independent writer. The opinions and views expressed herein are those of the author and are not necessarily intended to reflect those of DigitalJournal.com
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