Yes.
We are not only facing a Fiscal meltdown, but to some extent that even is minor.
We have a demographic time bomb. You can not have presently high taxes, in total, and a booming elderly and a declining young workforce.
In other words, we can not pay our bills now, expenses are going up, and income from fewer and fewer workers is declining.
This is why housing is also going bust. Who’s going to buy? There are, over all, less and less young people.
So the general conditions are now high taxes.
The general conditions tomorrow are higher taxes on workers, less workers, more elderly, more expenses, houses worth less.
Government is going to raise taxes, and cut spending on services.
The only options are to borrow more, which it is, and to print money, which it might.
Well, along with your demographic time bomb has been the tide of illegal immigrants showing up in our country and a Hispanic population that is dropping out of our schools at a higher rate than even the black population.
Our nation is turning into a third world country, only without a youthful populace. And without even a common language. Only 50% of the kids in the LA Unified School District even speak English.