Post #1918 by jerryab on the Macroeconomic Trends and Risks board

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Uncle Sam is bankrupt. The taxes won't go up.

That does NOT stop the spending. Federal taxes may not go up, but local and state taxes SHALL--because they do NOT have the ability to spend more than they receive in total revenue. Major cuts to federal transfers to states and local govts will force tax increases AND job cuts as well.

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