It's Not Fiscally Responsible to Keep Obama in Office!

Harrisburg, capital of the state of Pennsylvania, informed creditors on August 30th, that the city will not make its bond payment coming due Sept. 15th. Mayor Linda Thompson summed up the situation simply: "I cannot shut down fire. I can't shut down public safety. If I can't make a bond payment, there are measures set up in those agreements to guarantee reimbursement (to bondholders). And that was the decision we made.... We have to continue to be public servants and get the people's work done."

News wires have begun asking: Is the $2.8 trillion U.S. municipal bond market still safe?

How about the state pension funds: are they solvent? The Republican candidate for New York State Comptroller, Harold Wilson, charged today that that state's pension fund, the third largest in the country at $125 billion, is underfunded by anywhere from $30 to 80 billion dollars.

For that matter, is the state of Illinois any more solvent than long-bankrupt California?

The answer to all those questions is: "No." Under President Obama, the entire financial system of the United States is bankrupt. Under President Obama's policies, the municipal bond market is not viable, nor is any state pension fund. No one can project which state, and which towns and cities are going to be the next to default; but, that a tsunami of defaults is going to follow Harrisburg is unquestionable. The United States is not, and cannot be fiscally responsible, under President Obama. So, it is clear that what the United States really cannot afford, is to keep Obama in office any longer.