THE PUBLIC SECTOR, RESPONSBILE FOR HALF OF GDP, IS NOW SPIRALING DOWN.....
Tax receipts to the Federal Government are evaporating despite government running a $2 Trillion dollar deficit.
States are running out of money. Some delaying payment of tax refunds due to declining revenues. Others firing workers, shutting down offices, and selling state assets.
Cities and Counties facing similar finanicial stresses and firing workers as well.
AND TAX RECEIPTS DECLINING FURTHER.....
Due to cutbacks in health care spending hospitals are suffering revenue declines and firing workers.
Schools and universities have started cutting large numbers of workers.
Many public pensions are basically bankrupt.
NEVER BEFORE HAS OUR GOVERNMENT BEEN SO LARGE.....AND NEVER HAS ITS FINANCIAL CONDITION BEEN WORSE THAN NOW!!!!!!!
PRIVATE SECTOR SIMPLY SHUTTING DOWN DESPITE GOVERNMENT STIMULOUS.
Auto Sales Down 50%
Residential RE Consturction Down 75%
COMMERCIAL CONSTRUCTION COMING TO A GRINDING HALT!!!!!!!!
The state bird of Nevada, the construction crane, is on the endangered species list.
... there are nine commercial projects of consequence under construction off from the Strip in Southern Nevada. Once most of those projects wind down early next year, there’s not much in the pipeline and development will essentially cease ... the long-range outlook ... is that there won’t be another major casino project built on the Strip for another decade. ...
What is happening in Nevada is reflective of the entire nation....as we end out the year, there will be very few commercial projects under construction.
Real Estate, Autos, Finance, Construction, and related Manufacturing is central the private economy.
Personal and Business bankruptcies are skyrocketing as more and more lose their jobs, suffer significant income declines, and businesses shut down......
PRE CLINTON UNEMPLOYMENT NOW OVER 20%!!!!!!!!!! with a very negative outlook ahead.
By the end of the year, our private economy will be a small fraction of what it used to be......revenues to government will continue to evaporate to levels simply too low to sustain our nation's infastructure.