This is one post where people may see that at my core I'm a moderate with progressive undertones. So to those who were hoping that I was pure progressive - I offer my apologies in advance. Like most democrats - I deviate from the party line on some matters.
While everyone has their eyes peeled towards the federal budget deficit - the elephant in the room is the burgeoning disaster within the state, county, and local governments. New York State - where I reside has a mind-numbing budget shortfall of $10 billion. Since our constitution demands that we balance our budget - this is truly a frightening number.
Let me state at the outset that much of the trouble at the state and local level has to do with "trickle down" theory gone awry. The natural result of low federal taxes is that the mandates keep coming but the only thing that actually trickles down to the states and cities are the mandates - which are now largely unfounded. The squeeze at the top is simply passed along until it simply has no place else to go.