American Economy

If you were even thinking of starting to question whether or not the spin we are hearing about the recovery may be true, don't fret and stop questioning.  Read this instead: To be sure, the U.S. government is increasing its budget deficits to put a floor under demand. But most state and local governments that have experienced a collapse in tax revenues must sharply retrench spending by firing policemen, teachers and firefighters while also cutting welfare benefits and social services for the poor. Many state and local governments in poorer regions are at risk of bankruptcy without a massive federal…