State and Local Public Debt Addicts Running Amok

Largely overshadowed by the alarming levels that the federal deficit and debt have reached, state and local public debts in the U.S. have without much notice risen to record and unsustainable levels. Such debts, incurred to finance dubious and even foolish spending, now have reached 22% of the nation's gross domestic product, according to this report. This is up from 15% just 10 years ago. With  the ongoing feckless spending spree unchecked by oblivious taxpaying voters who eventually will be stuck with the tab, the report notes that the state and local debt is on track to reach 24% of GDP in just two more years. What has been and is going on is, as the report shows,  truly scandalous, and,  has the potential for ending in another nationwide economic catastrophe.