The brilliant Charles Krauthammer weighs in on the Detroit bankruptcy and why other cities are watching very closely to decide if Detroit — and by extension, them — can find a bailout from their bad decisions and exorbitant pension plans. He concludes with this:
It doesn’t take a genius to see what happens when the entitlement state outgrows the economy upon which it rests. The time of Greece, Cyprus, Portugal, Spain, the rest of insolvent social-democratic Europe — and now Detroit — is the time for conservatives to raise the banner of Stein’s Law and yell, “Stop.” You can kick the can down the road, but at some point it disappears over a cliff.
Government must live within its means. Kudos to North Carolina legislators for beginning the transformation.