As noted here, California’s budget crisis was a harbinger of things to come for states and local municipalities all over the country. New York, which is at the epicenter of the financial crisis, is now beginning to see it’s first real taste of what this means. Governor David Paterson is warning of a $47 billion dollar deficit over the next four years (I predict more).
Hard choices are going to have to be made soon. And the debt will still continue to pile up.
America is reaping what it has sewn. We simply can’t afford it.