This paragraph from The Economic Collapse writer says it pretty clearly. All the nattering has been about the finances of the Federal government, but there is an equally big, maybe bigger, problem right around the corner from you.
"#15 Most state and local governments in the U.S. are deep in debt and flat broke. Many of them are slashing jobs at a feverish pace. According to the Center on Budget and Policy Priorities, state and local governments have eliminated more than half a million jobs since August 2008. UBS Investment Research is projecting that state and local governments in the U.S. will cut 450,000 more jobs by the end of 2012. How those jobs will be replaced is anyone's guess."
One of the reasons that Obama's economic stimulus package went nowhere is that state governments used a lot of it to pay their own bills.
And don't forget that those 950,000 jobs are teachers, policemen, firemen, park employees, etc., and they are right from your own neighborhood.
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