Coming Attractions: Bankruptcy for every level of government in the U.S.A.

Just when you thought you heard all the worst news possible...but that depends which side of the fence you're on.

There is no way to gracefully cut off entitlements, and politically it is impossible. That's why it's easy to predict bankruptcy is the only outcome: a point will have to be reached when the government simply can't tax or borrow enough money to meet its obligations.

Full article.