Thursday, July 12, 2012
Economic / Social / Political Day of Reckoning for USA not far off?
Government finance at all levels seems to be unraveling. The city of Stockton, California declared bankruptcy. North Las Vegas, Nevada would be in the same boat if the state of Nevada allowed for it. Michigan’s state government has taken over the management of four cities, and the state’s largest city — Detroit — has a $200 million deficit and has made a deal with the governor for the state to have a hand in fixing the city’s financial problems. On the federal level, the bond rating agencies — S&P and Moody’s — have dared to downgrade the government’s debt.