Local, State, and Federal Government Budget Deficits

The budget struggles of local, state, and federal governments are illustrated below.

Eric

US Federal Budget (Surplus or Deficit As A % of GDP, 12 Month Moving Average) and Gold London P.M. Fixed:


The Mayor is trying to get the horses back into the stable. These are the same horses that "He" let out, this is a case where the Mayor paid off the union's for there vote and now finds it impossible to kick the can down the road.

Bob

Headline: Bloomberg Seeks a Sweeping Overhaul of City’s Pensions

Mayor Michael R. Bloomberg proposed sweeping changes on Wednesday to New York’s costly pension system, seeking to save billions of dollars by fundamentally altering long-established rules that have awarded generous retirement benefits to municipal workers and have deepened the city’s financial hole.

In trying to control soaring pension costs, Mr. Bloomberg is taking aim at retirement rules considered sacrosanct by the city’s powerful municipal unions and their political allies.

Source: nytimes.com