There is a painful irony in the motto that appears on the official website of the city of Central Falls, R.I. It reads, "A City With a Bright Future."
The irony is that Central Falls -- after behaving for years in the same fiscally irresponsible manner as our federal government -- recently filed for bankruptcy. We're not so sure what's "bright" about its future now.
"Central Falls got into trouble, above all, by promising its police and firefighters generous retirement benefits without setting aside enough money to pay for them," The New York Times reported. "The benefits were often determined by outside arbitrators, who were intent on resolving disputes rather than assessing whether towns could afford their promises. Weak accounting rules helped mask the scale of the problem for years."
If that sounds familiar, it certainly should.
You may never have visited Central Falls, R.I., but the kinds of costly promises that it made to its residents are all too similar to the way that Congress handles our nation's finances.
Think back, for instance, to the 2003 Medicare prescription drug benefit that Congress passed -- with heavy support from Republicans and some support from Democrats. The $400 billion initial estimate of the cost of the drug benefit almost immediately increased after the bill passed.
But the eagerness to provide that benefit was not matched by any eagerness to make sure our country had the money to pay for it. Now, because of unchecked Medicare spending, Medicare is heading for bankruptcy in just a few years.
Last year's enactment of ObamaCare is another case of Washington imposing a big new benefit without the means to pay for it.
Like officials in Central Falls, our leaders in Washington have promised more than they could pay for, and left future taxpayers holding the bag.
So, will the same thing that has happened to Central Falls eventually happen to our entire nation? We should hope not. By declaring bankruptcy, Central Falls will now slash pension checks that retired workers were relying on, and their health care premiums will rise.
Those drastic measures should remind us of the need to reform federal entitlements such as Medicare and Social Security -- before the money runs out and they have to be "reformed" in ways that are vastly more painful to the people who are depending on them.