It's starting to happen on the local level here in Michigan. Revenues are shrinking and local budgets are in the red. Biggest causes for present and future local budget deficits are benefits for present and past goverment employees. Our county has been offering a sweet deal so employees can retire at 50 with full benefits. They also play games with OT pay, sick time, etc. so govt employees retire and their pension is calculated using all these add-ins. It's not unusual here in MI to hear a story about a police chief who retires with a six-figure pension, more than he made annualy before retirement. There's also a lot of double dipping where a city employee works just enough to qualify for a pension, then transfers to the county and works enough for a county pension. Couple this with retirees getting full paid health care and there's no money left for the day-to-day city or county operations, like fixing the roads.
As I said though, the taxpayers are getting wise and telling local govt to cut costs, especially in the health care and retiree benefit areas I cited. If it starts to work at the local level, it will then move to the state level and then, hopefully, to the federal level.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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