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STATE BUDGET DEFICITS
Cumulative state budget deficits for fiscal year 2009 are projected to be $168 Billion despite states having received more than $200 Billion in direct federal "stimulus" assistance. No doubt, a large portion of this shortfall (which equals 24% of expected expenditures) is caused by recession. But lots is also caused by tax policies which have often limited property taxes after voter referendum, made corporate taxes incredibly sensitive to changes in receipts or sales; and in general made state tax revenue much more sensitive to economic downturn. If companies deemed too big to fail must increase capital reserves; then the states should also be required to maintain much higher rainy day (or surplus) funds. This topic covers the latest news and information on state budget deficits.
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In the early 1990’s, in the aftermath of the 1990-91 recession, the outcry to politicians was “It’s the economy,...
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Throughout the crises of the last couple of years politicians around the world have proven beyond doubt that they have...
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Budget 2012 is a product of the times. A “zero” budget was the only real option open to the government as it works to...
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A debt-reduction committee with special powers that was supposed to dissolve congressional gridlock in Washington is...
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35 states have an additional sales tax on soda, a rate added to the general food tax rates on food and beverage...
If Washington is deadlocked now, how will it deal with the much bigger debt problems that lurk in the decades to come?
What's Your Money Personality? Are you a balanced spender/investor or are you a Binge Spender? A Big Spender or a...
Something astonishing happened in New Jersey. A majority Democratic legislature and a Republican governor agreed on a...
As we address the issue of deficit reduction we must not ignore the painful economic reality of today - which is that...
seven to six the number of high school periods it offers during the next school year because of state budget cuts.
Top Sources: State Budget Deficits
- bloomberg.com
- ihavenet.com
- money.cnn.com
- BusinessWeek
- statesmanjournal.com
- publicpolicydialogue.blogspot.com
- CNN Money
- Wall Street Journal Online
- trendpov.com
- tanmaygopal.blogspot.com
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