Several cities across California have recently stated their intent to or have outright declared bankruptcy. Many others are trying to avoid it while significantly reducing city services or adding additional fees when a service is rendered. Of course, the first cuts are always threatened to be police and fire when the real burden lies in the pension healthcare costs from now retired employees.
In Spain, unemployment is 24.4%, which has caused tax revenue to fall significantly. The politicians answer is to raise the Value Added Tax from 18% to 21%.
83% of doctors have considered quitting over Obamacare, according to one survey. While that may sound extreme, the demographics of doctors are such that a majority are closer to the end of their career than the beginning, so it is feasible to see a mass exodus from the profession through early retirement.
Finally, as politicians have learned that handing out tax-payer money to causes/companies/people can help them get reelected, “budget insanity” has resulted. John Stossel points out how both Republicans and Democrats are responsible for our current predicament.