Oregon, another of our wonderful left leaning states is facing a financial chasm with it's promised spending and benfits set to rise 4 billion dollars in the next 2 years and best case scenario of an increase of 2 billion dollars in revenues. This is a wonderfully insightful one page article by Mish, a deflationist, who argues that with states across the country getting smaller and smaller revenues from taxes, are being face with making Draconian cuts to state payrolls and services in order to live within their means.
Our national and state economies face the same 4 problems.
1. Our economy is shrinking.
2. We have more people in need.
3. We've locked up a lot of money.
4. We can't grow our way out.
This is another example of what economists are calling "the new normal".
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