Dear Mr. Rawles —
Here is a link to a story in this morning’s New York Times about Jefferson County, Alabama. It seems to be a microcosm of what the whole country faces as the threat of Federal default becomes real.
The reporter says, “There are lessons for everyone here, and they are all painful: lessons for those who are not concerned about the prospect of mounting debt, for those who insist that steep cuts can be relatively painless, for those who think the bill for big spending can safely be put off into the future, for those who have blind faith in the market and for those who think the government can always be relied upon to protect the interests of the people.” Best, – Mary F. in New York