The U.S. Census Bureau reports that state governments took in nearly $1.7 trillion in total revenues in fiscal year 2008, a 15.8 percent decrease from 2007.
ABOUT A 16% DROP FROM 2007 TO 2008!!!! ADD IN DRAMATIC DOUBLE DIGIT DECLINES IN 2009 AND WE ARE DOWN WELL OVER 25%!!!!!!!
A depression is only a 10% decline in GDP......this is by far the most dramatic decline in tax receipts in American History at a time when government demands are exploding due to rising poverty and rising unemployment.
And we are seeing dramatic declines in revenues despite the Federal Government on track to run a $2 trillion dollar deficit.
Soon 1.01.10 arrives.
Insolvent governments can only give free money to insolvent bankers and then borrow back that same money from those same insolvent bankers at a much higher rate so government can give a bit of it to insolvent citizens who are servicing unsustainable interest obligations to the same insolvent bankers for so long before the world as you know it stops and everything becomes zombulated and concentric contraction occurs.
None of this is hard to see.....simply hard to believe it is actually happening.....and the nutty part is we are only bailing out the bankers while some Fools would rather focus on pancakes and flat screens.
Oh well....reality becomes perception soon whether we want to deal with it or not........................