States of Peril.....
"This is a very painful plan but we will share the burden... All of us are going to have to sacrifice to save our state," Paterson told a press conference in the state capital Albany that was carried live on NY1 television.
Paterson, facing an uphill election battle to remain governor in 2010, said he would not allow New York to go bankrupt.
He noted that California has had to pay bills with IOUs, Arizona is selling state assets, Michigan has 16 percent unemployment and has closed 90 percent of its libraries, and Ohio is "struggling for survival."
NOW WE REALLY BEGIN TO FEEL!!!!!
AS WE FACE MASSIVE CUTS FROM PRACTICALLY EVERY STATE IN THE NATION AND FEW ARE HIRING.
We are now stuck between the Rock of Alstrynomics and a hardspot. We have massive deficits which require massive cuts....MASSIVE CUTS.....versus evaporating revenues on the private side which need massive stimulous.
If we cut....we head into a depression.....if we stimulate, we destroy the dollar and $200 per barrel oil here we come.
What puts America in such a difficult position right now is that our wages are crashing.......so if we blow the dollar against crashing wages, our economy will come to a grinding halt. Those who think a collapsing dollar in a consumer economy is a good thing obviously have never lived in a country where the currency collapsed.
Without a doubt America faces some of its most difficult choices ahead......how do we restructure a nation with a massive and unsustainable amount of toxic debt infecting our cities, counties, states, hospitals, schools, pension plans, banks, insurance companies, commercial real estate, and families???????
So far, bailing out the banks and letting the economy die seems to be the choice of our politicians.