72% of US States have Budget Deficits

www.cnsnews.com...

Thirty-six of the 50 states – or 72 percent – are now facing budget deficits in fiscal 2009, according to a mid-year report released Monday by the National Governors Association and the National Association of State Budget Officers. At the same time, 22 of these states facing deficits have adopted budgets that call for increased spending in fiscal year 2009.

Not only is the US Federal Govt greatly in debt, but the State govt's are as well. So far we have seen California and Kansas limiting or stopping tax refunds, are there more on the way?

Over the past 30 years, according to the report, states have increased spending by an average of 6 percent each year. That trend slowed a bit in 2008, when spending increased by only 5 percent. Budgets enacted for 2009 actually decreased total state spending nationwide by 0.1 percent.

Looks like our Govt's cant control their spending anymore.

In 2008, spending by all 50 states totaled $689.5 billion. In 2009, states appropriated $689.1 billion in spending.

This article was written before the big economy stimulus bill. I'm going to guess that state and federal spending will go up even more this year.
Who knows if all this money will help fix our economy or not. Let's hope it has some sort of major impact.

No interest or did I put this on here to early?
post.

I'm glad the state I live in, Michigan, isn't one of them.

We are the powerhouse of this country.

I laugh at every other states troubles.

If only the rest of the states were like Michigan and have 100 percent employment.

Originally posted by David9176
I'm glad the state I live in, Michigan, isn't one of them.

We are the powerhouse of this country.

I laugh at every other states troubles.

If only the rest of the states were like Michigan and have 100 percent employment.

lol David, you're hilarious man, love your sense of humor. Used to be a Michigander up until last March, now i'm an Arizonian...it's just more of the same here, only with the illegal immigration scenario thrown into the mix. The whole system needs a massive colonic irrigation or something!! I mean honestly, what do we do now besides hold on for one hell of a rollercoaster ride?

It is not just about spending. A big problem is that a lot of states revenues come from housing taxes. Little or no building. Little or no houses being sold.
No tax revenue.

So we were clipping along at a pretty good pace for years, had a budgets set on it,and the market tanks.