The two possible consequences of a lower water table are:
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Saltwater intrusion - As the water table drops, especially in coastal areas, saltwater can infiltrate freshwater aquifers, leading to contamination of drinking water supplies.
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Land subsidence - When water is pumped out of the ground and the water table lowers, it can cause the ground to sink or settle, leading to land subsidence.
Larger aquifers, rising sea levels, and cleaner water are not typically direct consequences of a lower water table.