As the Economy Falters, So Do State Budgets

[Muttocracy]

Source: NY Times 3/17/08

...
About half of the state legislatures nationwide are scrambling to plug gaps in their budgets, shot through by rapid declines in corporate and sales tax revenue, distressed housing markets and a national economy on the verge of a recession.
...
As of last week, at least 25 states were expecting budget shortfalls for the 2009 fiscal year, according to the budget center, findings that are consistent with other state roundups and an informal phone survey by The New York Times. It is the largest number since 2002, when in the aftermath of the 2001 recession 37 states were forced to cut their budgets.

Many of the states this year owe their problems to stark declines in tax revenues after an implosion in housing markets.
...
But not all is bleak. States that produce oil have are having a better time, as are states with strong agricultural economies, like Kansas, where revenues for the next fiscal year will increase 2.7 percent and financing for schools is going to be increased, officials said.
...

Read more: http://www.nytimes.com/2008/03/17/us/17fiscal.html

[keep_it_real]

1. It's a wake up call for the American people

It's all good for America as a nation.

[Arctic Dave]

2. Alaska actually has a surplus

we are one of the lucky ones.

[Muttocracy]

3. the lower 48 refugees will soon be on the way ;-)