9 US States Join California in Budget Disaster
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.