The American Dream

Now that the economic boom times of the earlier part of the decade are over, cities and states across America are going bust.  In fact, for a growing number of local governments throughout the United States, there is no getting around the fact that "flat broke" accurately describes the situation that they are facing.  For many of these cities and states that are on the verge of bankruptcy, the American Dream is quickly turning into the American Nightmare.  Unlike the federal government, which can ask the Federal Reserve to print up some more money when they get into trouble, state and local governments have nowhere to go when the well runs dry.  They either have to raise taxes or cut spending.  But in many areas of the country, services have already been cut to the bone and people are already being taxed into oblivion.  So what can be done?  Well, many of these state and local governments are just going to have to cut spending even deeper, squeeze even more taxes out of their residents, or go to the federal government for a handout.        (Read More.....)