11/11/09 Stockholm, Sweden – With huge budget gaps, increasing unemployment, and extreme foreclosure rates, nine additional states are joining California in the crippling budget deficit club.
According to a report from the Pew Center, nine more states — Arizona, Florida, Illinois, Michigan, Nevada, New Jersey, Oregon, Rhode Island and Wisconsin – are now facing financial problems that are likely to result in higher taxes as well as fewer government jobs and services.
California, which is on track to run an estimated deficit of over $12 billion, is still the worst off. However, the combined economic output and population of all ten states make up more than a third of the US. How they manage their budgetary crises provides useful insight into the whole nation’s poor economic outlook going forward.
It’s a good time to be vigilant about both federal and state taxes. Local governments are bound to be the first to start squeezing citizens, but the federal government will soon follow. More details are available in Newsmax coverage of ten states that face looming budget disasters.
Rocky Vega
Rocky Vega is publisher of Agora Financial International, where he advances the growth of Agora Financial publishing enterprises outside of the US. Previously, he was publisher of The Daily Reckoning, and founding publisher of both UrbanTurf and RFID Update -- which he ran from Brazil, Chile, and Puerto Rico -- as well as associate publisher of FierceFinance. Rocky has an honors MS from the Stockholm School of Economics and an honors BA from Harvard University, where he served on the board of directors for Let’s Go Publications, Harvard Student Agencies, and The Harvard Advocate.
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Even your link failed to have more details about the other nine states. Another minute wasted reading one of your articles.
Ahhh.. I see Illinois made the list, the land of Obama. Come on now, with all that “Obama Money” floating around you would think he would have sprinkled a little on his own home state, right??
And to think of all the Chicago politicians we have swarming around the White House right now… hmmm, I doubt they would bring that same corruption to the federal level. Doubt it.
The states will just make up for the shortfall by writing more speeding tickets and the like.
all the states care about is supporting there Mighty Public Pensions……