Tax and Spend

US borrowing is 14 times worse than reported.

"The actual amount of borrowing that the federal government did in 2013 was over $8 trillion! Because so much of Uncle Sam´s debt is of a short-term nature, it is necessary for the federal government to continue seeking the kindness of strangers to keep its debt rolled over.
Since total federal tax receipts amount to just shy of $2 trillion last year, the government needed to borrow four times more than its annual “income” just to stay afloat."

Oops.

Argentine ruler attacks creditors because they want paid back.

Why would pensions be sacrosanct during municipal bankruptcy?

"A federal bankruptcy judge on Wednesday upended the widely held belief that public workers’ pensions have a special status in California that makes them impossible to cut, further chipping away at the idea that pensions are sacrosanct in a municipal bankruptcy."

Pensions are usually the biggest liability.