Municipal Meltdown

As state after state continues to take in less tax revenue than is required to float its operating costs, the need for a potential third bailout by the Federal government becomes more imminent than ever, and all taxpayers are justified in asking where does it all end?. The situational thinkers in Washington seem content in continuing with a borrow and spend strategy, and the passing on of the generational buck to future taxpayers. A destabilized foundation is being laid at an alarming rate for our children and grandchildren and it seems that poor and middle class Americans can due little to avert a financial disaster. Thomas Friedman said it well in a recent interview, that America has become as dumb as it wants to be. And in his opinion the only way out of this is to invent our way out, by allowing a thousand cutting edge companies to attract highly innovative talent from around the globe to create the kind of products that other countries demand. This is what made us great in the past and will work again in the future. In my opinion the next twenty four months will be even more pivotal than the last twenty four in deciding our continued direction as a world leader, or a new role as a third world follower.