Thursday, January 06, 2011

Census Report on State Finances.

It's now available on-line. In fiscal 2009, tax revenues (of every description) fell by 30%, while demand for social services (unemployment insurance, etc) rose. You can read a summary of the report's findings by clicking here.

The question that now looms for many states, from Arizona and Nevada to New Jersey, Illinois and New York is this: can the death spiral be broken? Or is the only remedy some kind of bankruptcy procedure?