California, Arizona, Florida, Illinois, Michigan, Nevada, New Jersey, Oregon, Rhode Island, and Wisconsin.
Well, let's see... are any of these "states in the red" actually red states?
Hmm... Arizona looks like the only one.
Posted on 11/15/2009 8:04:20 PM PST by SeekAndFind
The “great recession” may be over, but its impact on state governments is still unfurling – and could threaten America’s fragile economic recovery.
That message emerged in two assessments of the economy Wednesday.
The Pew Center on the States released a report concluding that nine states have joined California in a condition of “fiscal peril.” Their budget troubles could cause a round of job cuts and tax hikes in states from Florida to Illinois and Oregon.
In a separate news briefing Wednesday, Iris Lav, a fiscal policy expert at the Center on Budget and Policy Priorities, warned that state budget cuts could cost the economy 900,000 jobs in 2010.
“The problem is coming to a head now,” Ms. Lav said. “State tax receipts are plummeting.”
In her view, another round of federal aid to states is needed to fill a portion of their ongoing budget hole. States were major aid recipients under President Obama’s stimulus package, the American Recovery and Reinvestment Act of 2009. That money will essentially run out at the end of next year, and states are already grappling with how to balance their budgets for the 2011 fiscal year, which covers the 12 months starting July 2010.
The question of more stimulus spending is controversial with voters, because the federal budget is already running a record deficit. But some economists say that spending modestly more on stimulus in 2010 could end up saving taxpayer money, by avoiding a relapse into recession.
“Without more help [for states], the resulting budget cuts will become a very significant drag on the economy,” Mark Zandi, a forecaster at Moody’s Economy.com, said during the same telephone briefing at which Lav spoke.
He called for additional stimulus efforts of $100 to $150 billion for the economy.
(Excerpt) Read more at features.csmonitor.com ...
California, Arizona, Florida, Illinois, Michigan, Nevada, New Jersey, Oregon, Rhode Island, and Wisconsin.
I happen to live in NY and am REALLY WONDERING why my state is not even in the mix.
I'm also wondering wonders why Ohio is not in this Top Ten. Ohio is in such grim shape that when a 100-year old state park inn burned down, the state used the huge insurance check money to fudge the numbers of the Ohio Dept of Natural Resources so the books balanced.
As if to emphasize all this, the Catholic Diocese of Washington DC, which unlike these 10 states is flush with money, told the District of Columbia's City Council this week that if the District doesn't back down on a proposed same-sex marriage law, it will simply cease to fund its social services programs in metro DC. Affecting of course gays---presto, DC will go from we're here and we're queer to we're here and we're homeless--but also everybody. Thousands, tens of thousands.
There was never a recovery, just the media’s wishful thinking because there’s a Demo in the White House now, not that rascally Republican.
California, Arizona, Florida, Illinois, Michigan, Nevada, New Jersey, Oregon, Rhode Island, and Wisconsin.
Well, let's see... are any of these "states in the red" actually red states?
Hmm... Arizona looks like the only one.
You make a very good point about New York and Ohio.
I know Oregon has their stupid medical plan.
How can the stories about retail "recovery" be true when tax records are showing the exact opposite?
More so that tax hikes??
What planet is this guy Zandi from?
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In the red, as in Mao’s Little Red Book?
Cause and effect has always buffaloed big government crash-test DUmmies.
Tax receipts are plummeting, ergo the "great recession" is not over. See how easy that was, bureaucrats? Just let go of the fantasy, and observe the facts on the ground.
Oh, wait a minute, facts are tenuous things to the left; there is no objective reality, only narrative.
Never mind.
Is the list in order? So Florida would be third worst?
The Democratic congress and The Obammunist will pick up the check for the added burdern. Commies are athiests anyway and they have the keys to the treasury.
yitbos
Arizona was riding the housing bubble pony. People would camp out for days at building sites in the hope of entering a lottery to be allowed to buy a new home. Home values were going up thousands of dollars a week.
Anybody with any sense could predict what happened.
Ohio is in the red if you discount the possibility of the voters approving slot machines. Our inept governor, Ted Strickland, Democrat, approved a deal that would allow slot machines at 7 Ohio horse racing tracks. A referendum pushed by opponents will be on the ballot relative to that issue in November 2010.
Interestingly, Ohio approved Casino gambling just a couple weeks ago, which puts the governor’s slot machine deal at risk — either in total, or at least in the amount of money it will generate to plug the hole in the budget.
It’s interesting that Strickland, a preacher, pushed gambling to fix his budget.
I should add that, after the slot machine referendum was approved for the ballot, the governor proposed to cancel out a scheduled tax cut for 2009 to offset the potential loss of projected revenue related to slot machines. The legislature is reviewing the governor's proposal and looking at ways to make cuts and preserve the tax cut. The tax cut is the last in a series of tax cuts approved by Republicans when they controlled all facets of state government (they now only control the state senate).
Nobody has talked about that last item for a few years but the situation is nearly identical to that of California, and it is very likely to eventually bankrupt the state government.
Now we have this session's huge tax increases that will be thrown down by the voters in a couple months. After the vote I expect the unions will try once again to have courts force tax increases. Then things will get ugly.
Not the best governed, but Columbus would otherwise fall w/i that description. It does well in spite of the Dem machine. Most have moved to the suburbs which are pretty well run.
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