Is the Political Class Economically Incompetent or are they Simply Bought and Paid For?

Mish's Global Economic Trend Analysis: Is the Political Class Economically Incompetent or are they Simply Bought and Paid For?: "Inquiring minds are reading an interesting article in Forbes by writer Charles Kadlec regarding the Economic Incompetence of the Political Class.


The sovereign debt crisis now threatening Europe, as well as major American states and cities, discloses the sheer incompetence of a political class that has over-promised, under-delivered and squandered vast amounts of their citizens' wealth


Greece, Ireland, Spain, Portugal, California, Illinois, Los Angeles and Chicago are simply the poster children for what happens when elected officials engage in reckless and irresponsible management of their economies, their banking system or their respective government's public finances.

California's budget deficit has soared to $25 billion, or more than 25% of total spending. And, according to a recent study, the City of Chicago's unfunded pension liabilities total $45 billion, or more than $40,000 per household.
Politicians may not be solely ....."


Norton's comment: This sums up my observation and bodes ill for the next one hundred years including why there could be the second American Revolution.