Is the United States Broke?
Posted By admin on April 8, 2009
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A debate worth having.
With the increase in foreclosures, job losses, taxes, etc., the question becomes is the US broke? There is a lot of money going out to bail out the car industry, the banking industry, and the insurance industry. How will this money be paid back? There is no new industry in the US to speak of. There is talk of “green” industry, but there is no one trained to do the work.
State after state, city after city, county after county are increasing sales taxes to recover revenue that the municipalities need to run daily business, but where does this money come from if no one or very few people have income?
In Indiana, the March revenue fell to $87 million which is well below December’s revenue. Consequently, this is the five straight months that the state’s projected revenue has fallen. It is several other states reported this devastation with the projected revenue; hence, Cook County, IL, increasing its sales taxes to the highest in the national at 10.75 percent.
Along those same lines, it makes it difficult for states like Indiana, Illinois, and even the federal government to negotiate a budget.
Let’s face it; these entities are no different than our individual households there must be money left at the end of the month to have a successful budget.
This issue that we are facing is worth taking a good look at. It needs to be address now whether than later. Money does not grow on trees and there will be a bubble that will burst. It is not good that the United States appears to be for sale to other countries because there is no one here that can buy anything due to overspending in the past and lose of jobs today.
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