The Next Financial Meltdown: CBS 60 Minutes Segment
If you have not had a chance to view this 60 Minutes segment that was aired last Sunday, you might want take the time.
(CBS) By now, just about everyone in the country is aware of the federal deficit problem, but you should know that there is another financial crisis looming involving state and local governments.
It has gotten much less attention because each state has a slightly different story. But in the two years, since the “great recession” wrecked their economies and shriveled their income, the states have collectively spent nearly a half a trillion dollars more than they collected in taxes. There is also a trillion dollar hole iln their public pension funds … Click on the video below to watch!
Tags: government, Taxes
Rocky,
I hope you enjoy writing this Blog as much as I enjoy reading it.
Mike
It is fun … great to have followers like you!
Happy New Year!
Whitney : “Lack of transparency on the State level is the worst I’ve ever seen…”
“You will see a spate of Municipal Bond Defaults…”
“This will be something to worry within the next 12 months…”
There is still a lot of unspent ARRA money… This should prove a most interesting, and potentially terrifying, year or more…
[...] on whom you ask Meredith Whitney is either prophet or pariah. She appeared on 60 Minutes about a year ago predicting that U.S. cities and municipalities are in such dire fiscal trouble that there could be [...]