Krauthammer: Detroit Bankruptcy Spells Concern for America

Thursday, 18 Jul 2013 07:29 PM

By Greg Richter

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
The same addiction to good times that forced Detroit to declare bankruptcy on Thursday could fell the United States, a conservative columnist warns.

Detroit is a classic example of a city that was once at its peak with a strong auto industry, but as its economic success began to decline, it was not able to adapt, syndicated columnist Charles Krauthammer said Thursday on Fox News Channel's "Special Report."

"The auto industry was running the world in the '50s after the Second World War when there was no competition, so they got used to the great union benefits, the retirement, healthcare . . ." Krauthammer said. "When hard times arrived it was impossible in the end to do anything because it would be seen as a cruel reduction of X, Y and Z. And now they end up where everybody's going to get a haircut."

That's the same story of the United States, Krauthammer said. Entitlement programs such as Social Security, Medicare, and Obamacare threaten to put the entire country on the brink, he argued.

"Living on the glories of the past when we were the most dominant without any rivals in the world, and now having to adapt to a reduced economy — are we going to be able to have commensurate cuts?" he asked.

Krauthammer said he sees little hope when he sees resistance from liberals and Democrats to making those cuts.

"In the end, you can have a bankruptcy for a city, but not for a country."

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Gov. McAuliffe Isn't Talking, but in 2007 Said 'Shut Borders Down'

Tuesday, 22 Jul 2014 21:16 PM

I arrived at the lobby on the floor of Virginia Gov. Terry McAuliffe's office at 7:55 a.m., intent on waiting until I ha . . .

Ted Cruz on 'True Blood': Vampire Vote Belongs to Democrats

Tuesday, 22 Jul 2014 20:51 PM

Sen. Ted Cruz took to social media Tuesday with his take on an HBO "True Blood" episode depicting a bloodbath at a ficti . . .

School's Diversity Policy and Prof's Disdain for It Cause Debate

Tuesday, 22 Jul 2014 20:13 PM

A new diversity policy at the University of Wisconsin in Madison – and an economics professor's open disdain for it – ar . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved