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U.S. states suffer "unbelievable" revenue shortages
Reuters ^ | 10/09/09 | Lisa Lambert

Posted on 10/11/2009 5:53:24 AM PDT by TigerLikesRooster

U.S. states suffer "unbelievable" revenue shortages

By Lisa Lambert

Fri Oct 9, 5:59 pm ET

WASHINGTON (Reuters) – The U.S. economy may be creeping toward recovery after the worst slowdown since the Great Depression, but many states see no end in sight to their diving tax revenues.

Tax revenues used to pay teachers and fuel police cars continue to trail even the most pessimistic expectations, despite the cash from the economic stimulus plan pouring into state coffers.

"It's crazy. It's really just unbelievable," said Scott Pattison, executive director of the National Association of State Budget Officers, and called the states' revenue situations "close to unprecedented."

Most states had been pessimistic in forecasting their tax revenues for the 2010 fiscal year, Pattison said. So far, collections have fallen below even those low targets.

Lower tax revenues could lead to higher taxes or another sharp reduction in services if receipts do not show signs of improvement before year-end, as every state but

(Excerpt) Read more at news.yahoo.com ...


TOPICS: Business/Economy; Front Page News; News/Current Events
KEYWORDS: bhoeconomy; economy; financialcrisis; greatdepression2009; obama; revenue; state; taxes
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To: FormerACLUmember
More glaring reasons to cut taxes and grow the economy

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121 posted on 10/11/2009 2:11:17 PM PDT by Son House (OcarterCare by Congress will make all Americans = Wards of the State)
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To: wintertime

White Americans do not have a birth rate of 2.1, its more like 1.5.


122 posted on 10/11/2009 2:11:45 PM PDT by MinorityRepublican
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To: Son House

interesting!


123 posted on 10/11/2009 2:26:20 PM PDT by FormerACLUmember (When the past no longer illuminates the future, the spirit walks in darkness.)
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To: TigerLikesRooster

My bet, the Federal govt is going to bail out states. That would be the ultimate in wealth redistribution...taking money from states that make good decisions and giving it to states that frivolously waste their state resources.


124 posted on 10/11/2009 2:54:57 PM PDT by highlander_UW (To anger a conservative tell him a lie. To anger a liberal tell him the truth.)
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To: randita
handling personal finances in such a way as to deprive all levels of government of revenue.

The underlying problem here is the federal government. If we can't stop the feds from spending trillions of dollars of Monopoly money, then to starve the states and cities is self-defeating.

What we should strive for, it seems to me, is to strengthen states at the expense of the central behemoth in Washington. To starve the state is to feed the real beast by default. For far too long already, states have been functionally reduced to mere administrative units of the fed. That's not the American way.

125 posted on 10/11/2009 3:36:31 PM PDT by hinckley buzzard (Truth--The liberal's Kryptonite)
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To: FormerACLUmember

Yep, here’s the link for more details;

Ten Myths About the Bush Tax Cuts

http://www.heritage.org/research/taxes/bg2001.cfm

Setting optimal tax policy requires governing with facts rather than popular mythology, which is why it is important to set the record straight by debunking 10 myths about the Bush tax cuts.


126 posted on 10/11/2009 3:47:56 PM PDT by Son House (OcarterCare by Congress will make all Americans = Wards of the State)
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To: Cooter
Thanks, Public-union cartels...
127 posted on 10/11/2009 4:05:43 PM PDT by 4Liberty (Pimp my mortgage)
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To: Son House
A laffer curve is just a demand curve. Govts would be broke - if they were private enterprises instead of tax based (coercive). Thanks, price-fixing, racketeering, union-protectionist, labor-cartel-hugging, anti-free-trade/anti-free-market cowards.
128 posted on 10/11/2009 4:10:54 PM PDT by 4Liberty (Pimp my mortgage)
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To: TigerLikesRooster
Shut down every state college and university liberal arts department. Save worthless bucks.

Or, if nothing else, eliminate the Sociology department.

yitbos

129 posted on 10/11/2009 4:20:50 PM PDT by bruinbirdman ("Those who control language control minds.")
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To: TigerLikesRooster

My BS meter pegs when they whine about police and education. Thats not where most tax money goes.


130 posted on 10/11/2009 4:59:29 PM PDT by P.O.E.
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To: hinckley buzzard
For far too long already, states have been functionally reduced to mere administrative units of the fed.

True. But there are also massive federal mandates on states which require states and localities to allocate their resources in a certain way. Many of these mandates come with federal money to offset the costs but many do not. Educational requirements come to mind.

If enough governors who can't balance budgets because of plummeting revenues go to DC and demand that they be released from the federal mandates that are eating their budgets alive, then there might be some results.

I'm just skeptical that anything can get changed from the top down. DC politicians are so arrogant and out of touch, they don't care what the folks out here think and want, especially the middle class who makes the economy run. They only seem to care about their fat cat donors and the leeches of society. It's like banging your head against the wall because they just ignore us until about six months before an election, then they just pay us lip service to get re-elected.

131 posted on 10/11/2009 5:07:09 PM PDT by randita (Chains you can bereave in.)
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To: abb

The only cure for heroin addiction is to stop taking the heroin. The foul fruit will wither on the vine with no government money.

I see it as a healing crisis, with the possible hope of return to health.


132 posted on 10/11/2009 8:33:49 PM PDT by little jeremiah (Asato Ma Sad Gamaya Tamaso Ma Jyotir Gamaya)
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To: TigerLikesRooster
Well, for a long time now, if accurate, as I have read many stories like these, I draw the conclusion that the state run media and the bull market fairies are full of it.

One thing is fer sure, states' revenue intakes are a direct indicator of the overall health of the economy.

It seems that the little repetitious stories paint the real picture, not to mention the tons of people I know that are skilled and cannot find a job.

133 posted on 10/12/2009 2:22:51 AM PDT by RSmithOpt (Liberalism: Highway to Hell)
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To: chuck_the_tv_out
libraries have been superceded by the Internet. We used to need libraries. Now we don’t.

Libraries are life lines for those of us in the rural areas where we cannot get the internet. They are also meeting places for seniors during the day and teens at night.

I respectfully disagree - we NEED libraries

134 posted on 10/12/2009 11:22:54 AM PDT by SoftballMominVA
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To: Big Giant Head
Us home schoolers are paying.....

I hope you had outside help when you taught your children the proper use of pronouns......just saying.

135 posted on 10/12/2009 11:25:45 AM PDT by SoftballMominVA
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To: Marmolade
I have to admit I haven't used the library in years. But in August I began tutoring a young lady and we needed a neutral place to go, and the library was the obvious choice.

It is FULL right up until the time the lights go off and the doors are locked! Not to mention, there are books there that I want to read! Go figure! I don't have to go to Borders if I want a new book. (yes, there is a little sarcasm there - actually I ended up feeling a little foolish I haven't been using this resource)

136 posted on 10/12/2009 11:28:35 AM PDT by SoftballMominVA
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To: bruinbirdman
...can we shut down the LGBT departments too? and the "Womyn Studies" also?

**shudder**

137 posted on 10/12/2009 11:30:33 AM PDT by SoftballMominVA
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To: SoftballMominVA

I’ve done been ta schoolin’ and college and I ain’t gotta care none about how I talk or write. Just sayin’. I speak and write freely nowadays. don’t matter none no more.


138 posted on 10/12/2009 1:48:32 PM PDT by Big Giant Head (Running my computer bare naked for over a year with no infections at all.)
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To: SoftballMominVA

Besides having the obvious books, CD’s, and DVD’s our library has 2 computer areas (adults & kids), a history room with microfilm/fiche reader, meeting rooms, and an attached but privately owned coffee shop. They have all kinds of programs/workshops for kids & adults. It is extremely busy there. I have volunteered with the Friends of the Library and have run the book sales in the past. The Friends have paid for and supplemented many of the programs and materials at the library beyond what their (tax money) budget allows.

If I had to cut tax money, I would rather it be cut from the public schools, which limits ‘education’ to 5-18 year olds. The library allows for anyone of any age to be educated if they so choose, with no one else to set the agenda of what one learns.


139 posted on 10/12/2009 3:38:39 PM PDT by Marmolade
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To: Big Giant Head

well, true dat


140 posted on 10/12/2009 4:00:35 PM PDT by SoftballMominVA
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