Bankruptcy, Bankruptcy, Bankruptcy, Race to the Bottom.‏

San Bernardino California is bankrupt.

http://www.reuters.com/article/2012/07/11/sanbernardino-bankruptcy-idUSL2E8IB2E520120711

Mammoth Lakes California is bankrupt.

http://www.bloomberg.com/news/2012-07-03/mammoth-lakes-california-files-for-bankruptcy.html

Stockton CA is Bankrupt.

http://www.huffingtonpost.com/2012/06/27/stockton-california-bankruptcy_n_1629390.html

Scranton PA is in a race to the bottom.  All City Employees now make minimum wage.

http://www.businessweek.com/ap/2012-07-10/pa-dot-mayor-cuts-city-workers-pay-to-minimum-wage

It is good news everywhere you look.  Corporate America sends all the jobs overseas (which is a good thing according to them…..  It helps the economy).  Meanwhile back in the real world all the tax revenue dries up and this is the result.