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Pay cuts for public employees of all kinds has become a long term necessity, not just a temporary fix.   The public sector rides on the private sector. The servant can’t expect more, when the master is in long term decline.   For the last 25 years, the growth illusion was fueled by debt. As our industrial sector, the only real creator of new capital, was sold off to  low wage third world production, the return on GNP for additional debt has almost reached zero.   In the US, for example,  the ratio of annual debt increase to the increase in GNP reached 6x in 2007-08, from 3x in the 1990's.   That’s 6 dollars of debt to create 1 dollar of additional GNP.   Household debt soared to 135% of disposable income, from 85% in 1990. Truly, this was an economy based on piling debt upon debt.   Thus, today's "Crisis": What the debt bubble giveth, the debt implosion taketh away - and very swiftly, at that. It is a...
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