Budget insiders see worse ahead in Calif., Mich.
Submitted by xntryk1 on Mon, 11/16/2009 - 10:56
in
Saturday, November 14, 2009
Budget insiders see worse ahead in Calif., Mich.
By Daniel C. Vock, Stateline.org Staff Writer
Two of the states hit hardest by the Great Recession—California and Michigan—are bracing for an even tougher time making ends meet next year, putting big spending cuts or outright elimination of some services on the table, top budget officials from both states said Friday (Nov. 13).
Michael Genest, the budget director for California Gov. Arnold Schwarzenegger (R), said his state faces a budget gap next year of at least $7 billion—and likely more—after eliminating $60 billion in red ink this year. The “nightmare scenario” for his state is that continuing revenue drops will spell severe impacts on government services or taxpayers in California, Genest said at an event sponsored by the Pew Center on the States.
Mitchell Bean, director of the nonpartisan Michigan House Fiscal Agency, said Gov. Jennifer Granholm (D) already has warned state agencies to prepare for 20 percent cuts next year.
“I have a feeling that it’s going to look pretty gruesome,” he said. Michigan already is running on a budget shrunken to 1969 levels, in inflation-adjusted terms, Bean said.
20%? why not 100%?
just fire them. all of them.
Governments shrinking, should I shed a tear?
Who would have thunk that the financial crisis would have given liberty lovers everywhere the one thing they've always wanted but could never have. Oh my!
Eventually many of the states on the top ten list will probably declare bankruptcy and crime will most likely skyrocket.
=======
"The consolidation of the states into one vast republic, sure to be aggressive abroad and despotic at home, will be the certain precursor of the ruin which has overwhelmed all those that have preceded it."
- Robert E. Lee, 1866
=======
"The consolidation of the states into one vast republic, sure to be aggressive abroad and despotic at home, will be the certain precursor of the ruin which has overwhelmed all those that have preceded it."
- Robert E. Lee, 1866
Print Money
Why doesn't California and/or Michigan just print the money if they need it? Oh, wait...
Good
Actually that sounds good, the shrinking of government. Now if we can get the federal government to shrink by 90% we would have something.
Wow, that sounds pretty bad.
Wow, that sounds pretty bad.