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4/27/08

AP: State Budget Woes caused by Economic Recession

Dizzying logic here. As the State Legislatures Conference makes excuses about why they are incompetant with tax money, they say a national economic recession is "beside the point." AP translates this as "states are in recession," reasoning that states can't balance their budgets because people are making less money and paying less taxes. Never mind state spending or tax rates, state government budgets are determined only by the general economy! "Drumbeat of economic bad news" indeed.

Many states appear to be in recession

(AP)- "The finances of many states have deteriorated so badly that they appear to be in a recession, regardless of whether that's true for the nation as a whole, a survey of all 50 state fiscal directors concludes... "Whether or not the national economy is in recession - a subject of ongoing debate - is almost beside the point for some states," said the report to be released Friday by the National Conference of State Legislatures.

The weakening economy is hitting tax revenue in a number of ways: People's discretionary income is being gobbled up by higher food and fuel costs, while the tanking housing market means people are spending less on furniture and appliances associated with buying a house... More than two-thirds of states said they are concerned about next year's budgets. The results are consistent with a drumbeat of bad economic news for states that several budget groups have produced in the past few months.

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