The financial state of states: The truth may scare you
State government tax revenue is only 5 percent above its pre-recession level.
Eric Rosenbaum | @erprose
State finances across the U.S. have been described as stable but slow growing. Six years into the post-recession economic recovery, that statement may be accurate, but the full truth may be more troubling.
A handful of states are caught in a real pension fix. A few statehouse budget battles in recent months have been notable for their heightened drama—Kansas, where huge tax cuts backfired on Gov. Sam Brownback; and Louisiana, where a member of Gov. Bobby Jindal’s own party referred to his budget plan as “money laundering.”
But it’s not the extremes that have state budget experts concerned. More states have been unable to complete budgets so far this year than is typical, and the situation points to long-term spending problems—from K–12 education to Medicaid and infrastructure—that will persist.
“The picture is more gloomy than stable, and state fiscal conditions might be better described as stagnant,” said Lucy Dadayan, senior policy analyst at the Nelson A. Rockefeller Institute of Government.
Anyone know how much NJ state expenses are up in the past six years?
Every big earner I know declares a residency in fla and spends 181 days per year documented out of state. As such , not only does the state miss out on their income tax, inheritance tax, and more importantly 181 days of spending on goods and services elsewhere . Until the morons in no realize that the wealthy vote with their feet, we will be headed towards economic financial bankruptcy. The democrats never seem to learn that the population That pays taxes is a lot smarter than those on the receiving end.
less tax revenue coming in… time to cut some of those wasteful programs..
this is a good thing