This is the beginning of an interesting article on the FT. Published: June 17 2010 16:15
If you pop into a toilet on the Seattle waterfront this summer, you might see over-flowing bins. The reason? A polite notice explains that “because of 2010 budget reductions”, the Seattle government can no longer afford to “service this comfort station” each day. Hence the dirt.
My point. Large deficits force us to reduce important services in spite of a bloating bureaucracy. Quality of life decreases as we are forced to face reality.
We cannot afford many things we took for granted. Although the headline on FT is exaggerated, it makes the point and warns us of things to come.
The tightening of fiscal policy really means that the government is taking back the many services we enjoyed but we could not afford because we did not generate the wealth to pay for them.
These events are beyond the political "color". It is just an expression of the social pendulum swinging the other way as politicians keep busy solving yesterday's problems.
George Dagnino, PhD
Editor, The Peter Dag Portfolio. Since 1977
Ranked Top Market Timer in 2009 and 2010 by Timer Digest
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