Related: State Wears Rose-Colored Glasses When Looking at Revenue
Bad enough when the state does it; however, must the MSM also put them on?
"States may get budget relief as tax collections rise; Calif. among those seeing revenue gains" by Dunstan McNichol, Bloomberg News | March 31, 2010
TRENTON, N.J. — The two-year slide in tax collections that opened a $196 billion gap in state budgets has stopped, easing pressure on credit ratings and giving leeway to lawmakers as they craft spending plans for next year....
States collected almost $81 billion less in sales, income, and corporate taxes in 2009 than in 2008, according to the Nelson A. Rockefeller Institute of Government, as the economy struggled through its deepest slump since the Great Depression. Emergency spending cuts and tax increases became routine during the recession that began in December 2007....
States’ combined budget gaps will still total $180 billion in fiscal 2011 and $120 billion in fiscal 2012, the Center on Budget and Policy Priorities estimates....
It won’t be until 2013 that revenue returns to 2008 levels, said David Rosen, chief budget officer for the New Jersey Legislature, and Barry Boardman, the North Carolina General Assembly’s chief economist.
Then THERE IS NO RECOVERY!
State coffers are beginning to get a boost from an economy that expanded at a 5.6 percent annual rate in the fourth quarter of 2009, the most in six years....
That is what LYING GOVERNMENT and MSM CLAIM!
Improved revenues may help some states replenish their reserves, curb borrowing for expenses, and strengthen their debt ratings, said Robin Prunty, a credit analyst for Standard & Poor’s.
“We’ve seen the worst,’’ said Philip Condon, who oversees about $9.4 billion in municipal bonds for DWS Investments in Boston. “While it may not be great, it’s getting better.’’
I am so tired of being lied to.
Forty-five states reduced outlays for health care, the elderly and disabled, and primary and higher education in 2008 and 2009, the Center on Budget and Policy Priorities said.
Lawmakers now may be able to restore spending or avoid further reductions....
Gee, we are STILL GETTING FURTHER CUTS here!!!
Also see: http://www.google.com/search?hl=en&q=state+tax+collections+down&btnG=Search&aq=f&aqi=&aql=&oq=&gs_rfai=
Yeah, it isn't just us that the newspaper is lying about.
