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States Face Biggest Cash Crisis Since Great Depression
October 29, 2020 at 6:42 am EDT
Wall Street Journal: “Nationwide, the U.S. state budget shortfall from 2020 through 2022 could amount to about $434 billion, according to data from Moody’s Analytics, the economic analysis arm of Moody’s Corp. The estimates assume no additional fiscal stimulus from Washington, further coronavirus-fueled restrictions on business and travel, and extra costs for Medicaid amid high unemployment,
“That’s greater than the 2019 K-12 education budget for every state combined, or more than twice the amount spent that year on state roads and other transportation infrastructure.”
“Deficits have already prompted tax hikes and cuts to education, corrections and parks. State workers are being laid off and are taking pay cuts, and the retirement benefits for police, firefighters, teachers and other government workers are under more pressure.”
www.wsj.com
October 29, 2020 at 6:42 am EDT
Wall Street Journal: “Nationwide, the U.S. state budget shortfall from 2020 through 2022 could amount to about $434 billion, according to data from Moody’s Analytics, the economic analysis arm of Moody’s Corp. The estimates assume no additional fiscal stimulus from Washington, further coronavirus-fueled restrictions on business and travel, and extra costs for Medicaid amid high unemployment,
“That’s greater than the 2019 K-12 education budget for every state combined, or more than twice the amount spent that year on state roads and other transportation infrastructure.”
“Deficits have already prompted tax hikes and cuts to education, corrections and parks. State workers are being laid off and are taking pay cuts, and the retirement benefits for police, firefighters, teachers and other government workers are under more pressure.”
U.S. States Face Biggest Cash Crisis Since the Great Depression
The drop in income and sales tax revenue has created a historic crisis for states, with a total shortfall expected in the hundreds of billions of dollars. The projected gaps are greater than 2019’s K-12 education budget for every state combined, or more than twice the amount spent that year on...
www.wsj.com
