There's One Huge State Budget Crisis That Everyone Is Refusing To Talk About

[still_one]

"You know the story and you know the names: states like Illinois, New Jersey, New York, and California are supposed to be in huge financial trouble thanks to bloated governments, business-unfriendly regulations, and strong public sector unions.
After a crisis-free 2010, investors are expected to punish these hotbeds of bad governance in a muni bond market rout, at least if pundits like Meredith Whitney are correct.
But there's one state, which is fairly high up on the list of troubled states that nobody is talking about, and there's a reason for it.
The state is Texas."


Read more: http://www.businessinsider.com/texas-state-budget-crisis-2011-1#ixzz1AeEcDnx1

[AC_Mem]

1. Whoah, it also says

snip

But if you want to make comparisons between US states and ailing European countries, think of Texas as being like America's Ireland. Ireland was once praised as a model for economic growth: conservatives loved it for its pro-business, anti-tax, low-spending strategy, and hailed it as the way forward for all of Europe. Then it blew up.

This is the sleeper state budget crisis of 2011, and it will be praised for doing great, right up until the moment before it blows up.



Read more: http://www.businessinsider.com/texas-state-budget-crisis-2011-1##ixzz1AeFq9y9C

I guess we are going to see how that "no tax-ie, no spend-ie" thing is working out for the GOP

[still_one]

2. Krugman discussed this yesterday in an editorial. I find it amazing that our "libural" media is

mostly ignoring it

[Yupster]

3. That list they showed

with states needing to close gaps from 15 - 25 % is daunting.

How do you cut a budget 25 % ??

To three states - Nevada, Illinois and California all have new governors too. Congratulations Mr. Governor. Now here. See ya.

[affrayer]

4. Want To Hear A Great Joke?

The state is Texas.

During the recent election for Governor, Perry (R) ran on a Texas Surplus...

[Dappleganger]

5. It's interesting that FL isn't in that mix...

but the repugs here have cut so much there's hardly anything left to cut. Our new Dark Lord Governor Voldemort has targeted public employees and teachers, of course, as a way to save more money. And also by combing FOUR agencies into one.

The only things left to cut here is down into the bone--the fat is long gone.