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Austerity in America: 22 Signs That It Is Already Here
mrearlygold
Posts: 17,858 ✭✭✭
Austerity in America: 22 Signs That It Is Already Here and That It Is Going To Be Very Painful
Over the past couple of years, most Americans have shown little concern as austerity measures were imposed on financially troubled nations across Europe. Even as austerity riots erupted in nations such as Greece and Spain, most Americans were still convinced that nothing like that could ever happen here. Well, guess what? Austerity has arrived in America. 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.
Most Americans tend to think of "government debt" as only a problem of the federal government. But that is simply not accurate. The truth is that there are thousands of "government debt problems" from coast to coast. Today, state and local government debt has reached at an all-time high of 22 percent of U.S. GDP. It is a crisis of catastrophic proportions that is not going away any time soon.
Painful times are here now and lots more on the come
Over the past couple of years, most Americans have shown little concern as austerity measures were imposed on financially troubled nations across Europe. Even as austerity riots erupted in nations such as Greece and Spain, most Americans were still convinced that nothing like that could ever happen here. Well, guess what? Austerity has arrived in America. 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.
Most Americans tend to think of "government debt" as only a problem of the federal government. But that is simply not accurate. The truth is that there are thousands of "government debt problems" from coast to coast. Today, state and local government debt has reached at an all-time high of 22 percent of U.S. GDP. It is a crisis of catastrophic proportions that is not going away any time soon.
Painful times are here now and lots more on the come
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
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Comments
I knew it would happen.
#1 The financial manager of the Detroit Public Schools, Robert Bobb, has submitted a proposal to close half of all the schools in the city. His plan envisions class sizes of up to 62 students in the remaining schools.
.........
That one is particularly funny because it will lead to HIGHER
operating costs AND higher property taxes.
The corrupt union contracts call for HUGE pay hikes when
class-sizes are expanded. A $1 saved can easily mean $2
squandered on public-union "workers."
.......
Banks are bulldozing whole neighborhoods of foreclosed
houses, in order to boost/protect the values of their REO
portfolios.
When/if the scheme works, more union workers can be
hired to rebuild the destroyed neighborhoods.
If phase-ONE of the deflation scheme of the financiers does
not start working faster/better, the Feds may have no choice
but to prematurely deliver the runaway inflation that was
always planned to enrich/protect those finaciers once ALL
of the real property was back in their hands.
Folks who don't run out of cash and have to spend their PMs
on bread should do pretty well, pretty soon.
<< <i>The government needs to incentivize work & education in the hard sciences, instead of collecting a check and education in social injustice. >>
We have an incredible glut of well trained, intelligent, hardworking scientists in this country and many of these folks face a future away from the sciences because of all the jobs that have been sent offshore in the last three decades. Truly, I would tell my own daughters to stay away from a career in the sciences.
In honor of the memory of Cpl. Michael E. Thompson
<< <i>The federal and local governments are not watching their spending while many of us are. They are going to **** us good for the long haul. >>
where is the "audacity of controlled public spending?" that would give me some hope
I still think a lot of the government shortfalls at every level are for pensions and medical costs.
Before I moved away from California there was a talk radio show about retired local government employees who were making $25K a month retired!
Where I live now in Texas the City Manager for Carollton, a suburb of Dallas reportedly makes close to $200K while they are laying off the mechanics who maintain the city vehicles.
I understand there is an obligation to pay retirements and medical care but let's get some of these numbers into public view and have some debate about what's more important to a city functioning, someone's $25K a month retirement or having police and fire departments on duty. Mean's testing about who can get something and what can be afforded to give them will be difficult.
Oh, and don't forget the stress on the elected and government officials who are trying to overcome these extreme deficits by cutting programs to everyone. They are not our enemies.
*CAUTION* hard choices ahead....
Oh, and I have a Masters in Aerospace Engineering, while searching for work I had two companies tell me their engineering work was done overseas.
Is it time to start rioting, causing a lot of property damage and even personal injury? Will that help anything?
(hold on, my toddlers are demanding some "Candy Now!!"... got to go give them some Austerity upside the head)
Liberty: Parent of Science & Industry
Box of 20
<< <i>The government needs to incentivize work & education in the hard sciences, instead of collecting a check and education in social injustice. >>
Excellent observation and well said!
Right now where I live the local School Board is looking to "trim" 50 million from the budget.
I can't help but think my (our) property taxes go towards goods and services,not health and welfare
Rob
Taxes going up? Where? Illinois? Oh yeah, that's right, from 3% to 5%.
I think the states should start their own "state rescue powerball". Have more lotteries to help defray their costs. Beats firing police and teachers and closing rest areas on the highway.