America's PIGS

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Europe is in turmoil because of the insolvency of the Southern European welfare state. The PIGS—Portugal, Italy, Greece, Spain, countries with relatively unproductive economies and relatively generous welfare states—are collapsing, and they are dragging the rest of Europe down with them.

But America has its own PIGS: states like California, Illinois, and New York that are on the leading edge of socialism in our own country, and which are also approaching insolvency and threatening to drag the rest of the nation's economy down with them.

Barack Obama's home state has already reached insolvency. The article below indicates that Illinois has run out of money and simply stopped paying some of its bills—and also that the state is politically paralyzed and unable to take any steps to solve the crisis, because no one in the political establishment is willing to cut government spending.

If the crisis in Southern Europe is a warning of where America is headed, the crisis of America's PIGS is a warning about how bad things already are.

"Illinois Stops Paying Its Bills, but Can't Stop Digging Hole,"

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