The vicious cycle that is bringing down European states is not going to hit us [the USA], at least not for a while, at the level of the federal government. The same cannot be said of state and local governments.
![The vicious cycle that is bringing down European states is not going to hit us [the USA], at least not for a while, at the level of the federal government. The same cannot be said of state and local governments.](http://cdn.quoteddaily.com/images/michael-lewis/the-vicious-cycle-that-is-bringing-down-european-states-is-not-going-to-hit-us-the-usa-at-least-not.jpg)
The vicious cycle that is bringing down European states is not going to hit us [the USA], at least not for a while, at the level of the federal government. The same cannot be said of state and local governments.