Main street media is starting to pick up on one of my favorite rants.
States Slammed by Tax Shortfalls
By Conor Dougherty, Amy Merrick and Anton Troianovski
Word Count: 1,247 Companies Featured in This Article: Costco Wholesale
The stumbling U.S. economy is forcing states to slash spending and cut jobs in order to close a projected $40 billion shortfall in the current fiscal year.
That gap -- identified Wednesday in a survey by the National Conference of State Legislatures -- is more than triple the size of the previous year's. It is the result of broad economic weakness at the state and local levels that could cause pain throughout this year and into 2010. Sales-tax collections, for example, have been hurt by the housing slump and high gasoline prices, which are prompting cutbacks in consumer spending. Personal ...
As I've said before, this is just the beginning for states. Across the board, bureacrats are either underestimating or flat out lying about budgets and projections. States will need to do far more than they are currently to avoid disasters.
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