1.01.10.......Show Me The $$$$$
America is simply not generating enough tax revenues to sustain THE WORLD AS WE KNOW IT.
At the Federal level alone, we are running a $2 Trillion dollar deficit and tax receipts are continuing to decline......rapidly.
At the city, county, and state level.......similar issues face practically every municipality in the nation.
As servicing the increasing debt level consumes a greater and greater percentage of tax receipts, pretty soon there will not be much left for anything else.
Nearly every bus, subway and commuter rail rider in New York stands to be affected by a punishing slate of service cuts that was approved on Wednesday by the Metropolitan Transportation Authority, which is struggling to fill a sudden financial shortfall of more than $400 million.
AND IT IS NOT JUST NEW YORK......
Dec. 16 (Bloomberg) -- California’s finances resumed a decline in November, adding to the state’s resurgent deficit as Governor Arnold Schwarzenegger readies a spending plan that will need to erase a $21 billion gap.
California, the most populous U.S. state and the largest municipal bond issuer, collected $439 million less revenue in November than what was estimated in July, Schwarzenegger’s Department of finance said yesterday in a report. The decline leaves revenue $1 billion behind projections halfway through the fiscal year.
IF WE DON'T RESTRUCTURE SOON......THERE WILL NOT BE MUCH LEFT TO RESTRUCTURE.
What happens to a nation when the demands of its government exceed its citizens ability to pay?????