Since the Great Depression for the first time States are ready to go bankrupt and delinquent
Peter Oberois
Jan. 15, 2008

The States whether California or New Jersey are on track for becoming bankrupt and delinquent. The States will soon have no money to pay the salaries, health care, essential services and more.

The taxes will skyrocket silently. In NJ the State is planning covert tax hikes through additional tolls and other taxes. In California, the Governor is planning to cut expenses right and left to save his face.

In short it is called the Great Depression of the new millennium. Slower growth in tax revenues, the result of a weakening economy, are prompting governors from New Jersey to California to consider an array of belt-tightening measures to balance their budgets for this year and next.

They are way behind the curve. As they cut expenses and raise taxes directly and indirectly, the revenue will shrink much faster than these governors can ever imagine. The resulting effect is a financial nightmare where States go bankrupt and delinquent.

Since the Great Depression for the first time States are ready to go bankrupt and delinquent
Peter Oberois
As they cut expenses and raise taxes directly and indirectly, the revenue will shrink much faster than these governors can ever imagine. The resulting effect is a financial nightmare where States go bankrupt and delinquent.
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