Municipalities are feeling the pinch from spending too much money. It is like the federal trend and the trend at the state level. Everyone figured out ways to grow the government. No one thought the matter through. Now we need to shrink our governments at all levels--and we don't know how.
These are just the tip of the iceberg.
The financial situation in Europe continues to deteriorate. The news from Greece and Spain is discouraging and there are new rumblings in Portugal. As I have said before, the USA cannot escape a similar fate so long as we are pursuing a similar course. Last month the US government ran up the highest monthly debt in history. We lack the political will even to look squarely at the problem: You cannot borrow prosperity.
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