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Half of all U.S. states now facing budget gaps due to failing economy

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posted on Feb, 5 2008 @ 01:21 PM
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Half of all U.S. states now facing budget gaps due to failing economy


www.bloomberg.com

Jan. 28 (Bloomberg) -- Half of U.S. states are projecting budget deficits next fiscal year as the slowing economy curbs tax collections, forcing local governments to spend savings, cut funding for programs, borrow or raise taxes, a report found.

The Center on Budget and Policy Priorities, a Washington- based research group, said that the shortfalls are estimated to total $31.7 billion to $34.5 billion in 19 states, an amount equal to at least 8 percent of their spending, with unspecified gaps forecast in another six. The number is up from December, when the group found 13 states anticipated deficits.

Declining sales of homes and the first drop in prices in at least four decades has damped consumer spending and job growth, eroding the sales and income taxes that fund state governments. In California, Governor Arnold Schwarzenegger proposed releasing inmates early and closing state parks, among other steps.

``The bursting of the housing bubble has reduced state sales tax revenue collections from sales of furniture, appliances, construction materials, and the like,'' the center said in its report. ``If the employment situation continues to deteriorate, income tax revenues will weaken and there will be further downward pressure on sales tax revenues as consumers become reluctant or unable to spend.''

(visit the link for the full news article)




posted on Feb, 5 2008 @ 01:21 PM
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Ahhh, I wonder if the Dubya admin will still talk about how, "No recession is seen in the forecast". This should be an interesting year for all of us...

www.bloomberg.com
(visit the link for the full news article)



posted on Feb, 5 2008 @ 01:39 PM
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And which of these options do you think they'll choose?



forcing local governments to spend savings, cut funding for programs, borrow or raise taxes, a report found.


"I'll choose raise taxes for 300 please"

DING DING DING "You've won a NEW CAR!"

"A NEW CAR??!!"

"No.. I said.. a blue star"



My taxes have increased 300% in less than 10 years and I'm now paying more than $200 a month in property tax. My original mortgage was less than $250 a month, so I'm basically paying the government a second mortgage on my home. I just can't wait for the next increase.



posted on Feb, 5 2008 @ 01:53 PM
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reply to post by mythatsabigprobe
 




As long as that blue star is lickable!



posted on Feb, 5 2008 @ 02:11 PM
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My taxes have increased 300% in less than 10 years and I'm now paying more than $200 a month in property tax. My original mortgage was less than $250 a month, so I'm basically paying the government a second mortgage on my home. I just can't wait for the next increase.


You should check how much taxes Rockefeller's are paying on their 3 trillion dollars, hundreds of properties and profit.
Oh, yes, NONE! They run a god damn country and that imbecile of a president!
Well placed 50 cents worth bullet from a high powered rifle should do the trick and solve the misery of millions of People they inflicted on them



posted on Feb, 5 2008 @ 02:17 PM
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Can we get 3.1 Tril over this way please.. I still need to line my pockets.

[edit on 2/5/2008 by ThichHeaded]



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