This is something many overlook:
“And that is just at the federal level, local gov and state gov are just as bad”
While the Federal mess (currently being hidden by the warm-up band that is the Euro meltdown), is of epic, historically unprecedented proportions, people overlook the heinous fiscal shenanigans occurring in their own municipalities.
Just off the top of my head: Legions of “educators” allowed to retire in their early 50’s with full, gilt-edged, blue ribbon benefits, fire captains walking away with 3/4 million dollar pensions on which they've contributed a microscopic fraction.
The unavoidable financial Armageddon headed our way will be deep, fundamental and widespread.
these people with the fat pensions.....will they end up being poor like the rest of us?