GM wants another $16.6 billion dollars and will cut 47,000 employees. As the automotive industry shrinks, the effects will be more and more widespread.
As much as most of us complain about Wall Street bonuses, the Economist reported last month that said bonuses were down enough in 08 to cost New York State over $1 billion in income taxes, and New York City itself around $275 million.
Who is going to make up for those taxes? If you think the answer is for the government to just tighten its belt, get ready: government belt-tightening will affect more of us than just Wall Street.
You and I have been living off of the taxes paid from these huge bonuses that so confound us. We’ve been told, haven’t we, that nothing occurs in a vacuum.
But, instead of a long lament about how the economy is going to keep hitting you from all sides, and how wrong we’ve been as a consumerist society to drink so deeply of debt, I want to take this ripple affect in a different direction.
How is your life rippling? What do you do, what do you say; how do you live such that the ripple affect of your life is rippling in good ways?