New evidence that the 2007 crisis is not over

According to an Associated Press study, 60% of the states in the USA are having trouble with budgets as well as with revenue. Their general-fund budgets are still below 2007 levels, and they have not been able to bring spending to the levels before the recession.

In fact, 50 states are down 5% in revenue from fiscal 2008.

In many cases, the states are struggling - and are trying to cope by firing policemen, firemen, bureaucrats and even teachers and university professors.

Whether many of these States are in a better position than Greece remains to be seen.

One shudders to think what the real position is in China - it is shielded only by how difficult it is to look inside that apparently-gold box. Sphere: Related Content