State Budgets Continue To Falter
The black part of the economy continues be populated by states and cities that cannot pay their bills. This is often because of low tax revenue due to the recession, and high pensions costs. The probably has not been solved in…
The black part of the economy continues be populated by states and cities that cannot pay their bills. This is often because of low tax revenue due to the recession, and high pensions costs. The probably has not been solved in most cases, and therefore may persist for several years
According to The Center on Budget And Policy Priorities,
New state budget estimates for the upcoming fiscal year show that states still face a long and uncertain recovery. Already, 29 states have projected shortfalls totaling $44 billion for fiscal year 2013, the fiscal year that begins July 1, 2012.
The report adds
state budgets are poised to continue to be a drag on the national economy, threatening hundreds of thousands of private- and public-sector jobs, reducing the job creation that otherwise would be expected to occur.
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