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	Name:	water_watcher -
	Subject:	Job Losses
	Date:	7/1/2009 10:02:59 PM

You are starting to see the reality. BTW, states and counties can not file bankruptcy. It is interesting what is going on in California. They refuse to cut anymore or raise their taxes higher, yet they do not have sufficient funds to operate. They are issuing IOU's. Wells Fargo said they will not accept. So in lieu of bankruptcy they will be forced to just start shutting down services and departments .... which by default are additional cuts.

Florida may be next. They do not have a state income tax and there are so many property foreclosures and values going down, their property tax revenue is falling too.

That is why so many of us have been saying, implementing cap and trade on business now is the wrong time (if ever), raising individual taxes now is wrong, and most of the stimulus money takes too long to spend to have an impact so real results could have benefited the country quicker with targeted "tax cuts" and incentives to business (rather than the penalties that are being implemented).