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At this point, it is not a formal, mandated austerity like we have seen in Europe, but the results are just the same. Taxes are going up, services are being slashed dramatically, thousands of state and city employees are being laid off, and politicians seem to be endlessly talking about ways to make even deeper budget cuts. Unfortunately, even with the incredibly severe budget cuts that we have seen already, many state and local governments across the United States are still facing a sea of red ink as far as the eye can see.
I feel that as time goes on, we'll be seeing a spike in the unemployment numbers as local city and state workers and teachers (to name a few) are laid off .. The emergency funding from the Federal Government is starting to run out, leaving the states to make up for their own budget shortfalls.
Local cities, counties and states are slashing services and raising taxes ..
One morning you are going to wake up to discover that your local school has been closed, and the city police don't patrol your neighborhood and you'll have to carry your own trash down to the landfill .. ..
Only from the standpoint of fiscal responsibility .. The rest of the dream can't be realized until your typical run-of-the-mill Republican or Democrat steps out of the way
Lots of Americans have been on the equivalent of a drunken binge with money for the last couple of decades, and they don't want to pay the bill. I hope this is a wake up call. We have zero consumer debt, retirement and college savings, our house is paid off this summer, and that's it--we're professionals, but we're not wealthy by anyones standards (and we have 5 kids to put through college on our own). Maybe it's going to take this to get people to wake up--there is no blank check. Fortunately I live in a upper midwestern state where most people are like us--flashy is considered vulgar, and people tend to live within their means and pay as they go--it's a farming culture. That said--our schools aren't in the mess they are in many other places, because they've been conservative on spending as well. I also think it's significant that it's an entirely RED state, and they've raised state, county and school district taxes. People here don't like it, but we accept that taxes are part of the cost of living in a fairly depopulated area--somebody has to pay the bill. For those of you who are rabidly anti-tax--if you want those services to continue, you're going to have to pay for them, just like everyone else. Just as you can't get away with spending every personal dime you have, you have to pay for services unless you want things to fall apart. Our state has already cut things to the bone--there's no other option. We need to make cuts in spending on a federal level, but to do that without bringing in more income as well is a joke.
The government spends 80% of the money on Defense, Social Security, and Medicare/Medicaid.
How much should they cut?
They should cut all 3 of them ..
Soon, we'll be adding Obamacare to the list, and given the track record of Social Security and Medicare, Obamacare will be bankrupt as well soon enough.
I guess this is what happens when we all sit around for 40 years waiting for the Government to take care of us ..
Wonder what it's going to be like at the Federal level in a few years when all of Obama's new laws kick in .. I mean, higher taxes at the local level are going to have to compete with higher taxes and costs at the Federal level ..
I see the "Perfect Storm" brewing .. when the two finally come together
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