economy

In these poor economic times is our city doing enough to protect our future. I just read where Rhode Island is shutting down the government for 12 days to save money. Recently all I hear is the local governments need more money. It appears most of the spending models of our local governments depends on a strong economy. I am concerned that they have turned a blind eye to conservative money management.

 Since IndyMac 110 banks have failed. Representing 3000 bank offices.
FDIC says another 500 banks may fail.
We are around 10% unemployment.
When does a recession become a depression?