Ventura City Manager Rick Cole’s blog talks about a “60 Minutes” report on local government revenues, deficits, and spending cuts.
The scary points he (and the report) make are mostly true:
- For the most part, people are oblivious to the dangers that lay ahead in local government spending, deficits, and cuts.
- Time will run out to deal with the financial crisis without painful and even dangerous austerity cuts like in Greece and Ireland.
- And the 11-minute report only scratches the surface.
From Rick Cole’s Blog:
“Sixty Minutes” aired a blistering report last night that predicts that state and local government face a “Day of Reckoning” in the next twelve months.
I agree.
Typical for television, even of the quality of “Sixty Minutes,” the 11 minute report skims the surface of the issue, giving a slanted take on the controversial topic. But while it skimped on some important aspects, the show deserves to get the attention of the American people because the crisis is real.
Read his analysis and opinion, and you can watch the video here.