The above map shows the fiscal bleeding, state by state, drawn from a report by the Center on Budget and Policy Priorities.
The report warned that the worst recession since the 1930s has caused the steepest decline in state tax receipts on record.
"As a result, even after making very deep cuts, states continue to face large budget gaps. New shortfalls have opened up in the budgets of at least 41 states for the current fiscal year (FY 2010, which began July 1 in most states). In addition, initial indications are that states will face shortfalls as big as or bigger than they faced this year in the upcoming 2011 fiscal year. States will continue to struggle to find the revenue needed to support critical public services for a number of years."
Welcome to New York, that has one of those pale green blotches on the above map -- joining California and seven other states with a combined carry-over and mid-year budget gap of at least 30 percent of its general fund budget.
FiveThirtyEight acknowledged the political carnage that is coming in these states.
"Rising unemployment and stagnating wages for those who are employed reduce both federal and state income tax receipts, but states also get hit with losses from declining property tax assessments and foreclosures."
Meanwhile, don't count on the Obama Administration to save the day. The bean counters are still getting over the fiscal hangover from last year's pseudo-bailouts.
Recent Comments