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Congress could pass a statute allowing states to declare bankruptcy, but a new enactment won't be forthcoming without a provision that allows them to vitiate their pension agreements with public-employee unions — unions that just happen to be one of the key building blocks of the Obama coalition. This is a recipe for deadlock.

It's also a recipe for disaster. The Great Depression went through waves as gains were periodically made, then wiped out as new stages of the crisis took hold. This will be our next wave and it could well crest next year. If our current leaders can't navigate their way through it, all bets are off. Keep your fingers crossed: we'll need to hang 10, as the poet once said.

Steven Stark can be reached at sds@starkwriting.com.

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Related: 2010: The year in Boston Phoenix articles, The Road to 2012: The New New Hampshire, United wussies of America, More more >
  Topics: News Features , Mitt Romney, Barack Obama, Mike Huckabee,  More more >
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ARTICLES BY STEVEN STARK
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  •   MAPPING OUT THE NEW YEAR'S POLITICAL LANDSCAPE  |  December 29, 2010
    MAPPING OUT THE NEW YEAR'S POLITICAL LANDSCAPE
  •   DEMOCRATS AGAINST OBAMA  |  November 03, 2010
    Now that the midterm wipeout has concluded, analysts are already sizing up the GOP challengers to a weakened Barack Obama. Not only that: some Democratic party elders are considering the once-unthinkable scenario of a debilitating challenge to Barack Obama from inside his party.
  •   THE INDEPENDENT HERD  |  October 06, 2010
    The big news in this election cycle is the rise of the Tea Party. Fair enough. But passing under the radar is an accompanying development that could have even more far-reaching consequences — the rise of an emboldened third force in our politics.
  •   THE AMERICAN IDOL PARTY  |  September 23, 2010
    Sarah Palin and Christine O'Donnell might not turn out to be good candidates, but they make great television.
  •   HAS OBAMA PEAKED? YES, HE HAS  |  November 12, 2009
    To listen to some pundits, Barack Obama's public image began taking a serious beating when the off-year election returns came in a week ago. Or maybe it was the undeserved Nobel Prize, his approach to the war in Afghanistan, or when he revved up his pursuit of national health-care reform.

 See all articles by: STEVEN STARK

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