US Economic Crisis 2010: FIX or FAIL

Posted on January 1, 2010


The Great American Clearance Sale - Trillions or Best Offer.

I just heard a young woman interviewed on TV who said she would try to spend less money in 2010.  Now it begins – the financial fallout from the Obama Administration’s fiscal mismanagement in 2009.

I spoke with the town assessor where I live (New York State) yesterday. She will be working all day today (New Year’s Day) to reassess properties here. The primary cause: sales tax revenue was significantly short of the mark last year.

Of course the local big boxes cost us money in two ways: the public services they use and the tax money they send to the county, not our town little of which trickles back down.  Aside from taxes, their profits go primarily to corporate headquarters far from the retail centers. This and other failed business model are sucking our country dry. Where is the anti-trust outcry?  Foreign investment will do the same but take money out of the country.

This scenario will be repeated all over New  York State. Cutbacks are inevitable. Result – higher income and possibly sales taxes and reduced services/jobs.

This of course will be compounded nationally.  And those houses bought at auction?  When assessments are revised, there may be a concomitant drop in property taxes producing additional pressure on local communities.

lt take time for all of this negative trickle down to hit the bottom.  Unrest in this nation due to higher taxes and a higher jobless rate will empower Conservatives such as Sarah Palin and Republicans that have seemed hapless and rudderless since Fall, 2008.

Terrorism has come home to us once again; our standing both diplomatically and financially are on the line. We are no more the same power we were internationally than are our States that import/export almost as countries in and of themselves.

This will be the year of fix or fail.  If not, count on foreign takeover of many of our treasured assets. The US is for sale. Price: Trillions or Best Offer.

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