we are so screwed................From Montana Watchdog
By Phil Drake
"According to the GAO team, “We calculated that closing the fiscal gap would require action to be taken today and maintained for each year (through 2060) equivalent to a 12.7 percent reduction in state and local government current expenditures. Closing the fiscal gap through revenue increases would require action on that side of a similar magnitude.”
Less than two years ago, GAO calculated the overall cuts or tax increases every year at 12.3 percent, so the fiscal death spiral accelerated at a rate higher than inflation.
And in both studies GAO did not include the total real debt, because state and local politicians hide it.
So how exactly are taxpayers supposed to make all these bonds and other debts good when, at 12.7 percent, states would have to double tax revenue every 5.7 years just to pay the bills? How can governments pay all the debts while cutting services at that rate every year?
The answer is they cannot. Something has to give. And that is going to get ugly."
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