Government bailed out Wall Street, no one's bailing out governments

Many state governments are cutting services, reducing benefits and raising taxes. Even the "red" Naperville is raising taxes on gasoline and garbage collection.

At the same time the governments in India following the same path as the U.S., privatizing many essential services. The long term impact remains to be seen.

Op-Ed Columnist - A Ruinous Meltdown, State After State - NYTimes.com: "Arizona, struggling with a projected $2.6 billion budget shortfall, took the drastic step of scrapping its Children’s Health Insurance Program. That left nearly 47,000 low-income children with no coverage at all. Gov. Jan Brewer is also calling for an increase in the sales tax. She said, “Arizona is navigating its way through the largest state budget deficit in its long history.”

n New Jersey, the newly elected governor, Chris Christie, has proposed a series of budget cuts that, among other things, would result in public schools receiving $820 million less in state aid than they had received in the prior school year. Some well-off districts would have their direct school aid cut off altogether. Poorer districts that rely almost entirely on state aid would absorb the biggest losses in terms of dollars. They’re bracing for a terrible hit..."