States don't expect recovery until 2012

[Ed Barrow]

Source: The Hill

States are facing the toughest fiscal situation since the Great Depression and don't expect to begin recovering until 2012, two associations said Thursday.

The National Governors Association and National Association of State Budget Officers said states expect to still face a combined shortfall of $127 billion in 2010 and 2011. That is on top of a shortfall of roughly $160 billion since 2009.

"Because states lag behind national recovery, they expect 2011 to be as bad as 2010, and states will not begin the path to recovery until 2012," said Raymond Scheppach, executive director of the governors association.

States cut spending by 7 percent, from $658 billion in 2009 to $613 billion this year. The associations said 44 states expect to spend less this year than in 2008.


Read more: http://thehill.com/blogs/on-the-money/budget/101231-states-dont-expect-recovery-to-start-until-2012

[OhioChick]

1. The way things are going, I'd say far beyond 2012. n/t

[The Northerner]

4. +1

[ChromeFoundry]

5. +2 n/t

[conspirator]

2. What recovery? There is no recovery evermore.

American salaries will be leveled with chinese and indian.

[Mari333]

3. hahahaha dream on

they should come to michigan
meanwhile, 2 occupations are bleeding the economy dry and companies continue to outsource jobs using slave labor

bankrupt america is the future.