On the recordJuly 23, 2013
Last week's $19 billion bankruptcy by the city of Detroit should serve as a wakeup call for every American. Chicago, with a reported $19 billion unfunded pension liability, and Los Angeles, with an estimated $30 billion in debt, may not be far behind. Each of these communities practiced the failed tax-and-spend policies of President Obama and the Left. While many progressive policies sound great in theory, both history and current events show these policies don't work in practice. As Margaret Thatcher said decades ago: The problem with socialism is that you eventually run out of other people's money. We do it better in Indiana. It's not always easy, but Hoosier leaders balance budgets and live within their means. To build a better future, our country needs to follow that example and not Detroit's. ____________________
