“grim” Financial Outlook for Delaware
Delaware makes AP’s national feed.
The finances of many states have deteriorated so badly that they appear to be in a recession, regardless of whether that’s true for the nation as a whole, a survey of all 50 state fiscal directors concludes. (snip)
The situation looks even worse for the fiscal year that begins July 1 in most states.
The situation is grim in Delaware, with a $69 million gap this year, and bleak in California, with a projected $16 billion budget shortfall over the next two years, the report said. Florida does not expect a rapid turnaround in revenue because of the prolonged real estate slump there.
The last part reminds me…don’t Delaware counties get a chunk of their operating budgets from real estate transfer taxes ?
Okay here is the plan: everybody take up chain smoking and heavy slot machine gambling. Use the proceeds from your slots winnings to buy a few dozen houses and BANGO! budget problems solved.
Tags: (h/t atrios)
If only I could smoke and use the slots at the same time… Damn you RAM, no wonder we have a budget crisis!
A text book example of the law of unintended consequences.
Alternatively, every taxpayer in Delaware could change her or her name to Kraft General Foods and just line up for a $708K handout.
What it is is another example of the administration letting something go and hoping it takes care of itself, only to wake up one day and realize it’s not. (see prisons, DPC, TTF, etc)
It’s great that in delaware people pay taxes on the value of their houses when last assesed in 1970 something.
Awesome!
Or they could pass SB 177 and save $8 million a day! Nah, thats too easy! Lets cut out teachers, community group homes, prey on the most vulnerable who have no voice to speak out against them.
Senator Copeland are you going to be on board with single payer universal health care or are you gonna keep letting the for profits rob our citizens blind…like DP&L?
It’s Bush’s fault. It always is.
Seriously, I could spell out the reasons but we’re all tired of hearing them after seven plus years.
Dave, you can blame RuthAnn all you want but the Governors of CA and FL are both Republicans and they are in the tank too!
The Worst President Ever! And McCain is toast.
“Dave, you can blame RuthAnn all you want but the Governors of CA and FL are both Republicans and they are in the tank too!”
Yeah, but there are about 14 states who aren’t “in the tank.” And with our abundant advantages, we should be one of them.
“Dave, you can blame RuthAnn all you want but the Governors of CA and FL are both Republicans and they are in the tank too!”
First of all, Gray Davis was the creator of CA’s problems, if memory serves me right, he was “Recalled” for his mismanagement.
‘Ahnold” grades a “B” from my long distance view. He has his bright moments.
Florida’s problems are straight forward…Real Estate driven economy, thus they are screwed, given the bust and excess inventory.
The good news for them is the boomers are aging no less, and they will eventually feel comfortable once again to purchase and things will move forward.
When? Who knows. Will it happen? Yes
You certainly can’t blame Charlie Crist!
I called it back in 2000 and gave a report on it to a county offical who put it in the round file. I figured it would be a 170$ million shortfall so it looks like we are a little better off than my projection. That was part of my work on the great depression that led to my book in 2005.
Feroce, give it up. CA is tanking at the hands of the GOP that runs it. You can’t have it both ways.
“It’s Bush’s fault. It always is.” Blah…Blah…Blah…
Rebecca, when was the last time you actually had an original thought? Why don’t you tell us what Bush has to do with the problem in NJ? Taxes are among the highest in the nation, there is a casino industry that generates billions and yet the state is in a huge hole.
Do you mean to tell me that George Bush and the War have more to do with NJ’s current situation than Gov. Corzine and the irrepressible, out of control spending of Trenton do?
A stands for “ass” right?
If Republicans, Independents and Democrats go around saying that it is Bush’s fault – get a clue.
It is Bush’s fault. The economy has been driven over a cliff by that maniac. Where have you been for the past 8 years?
Ooh! Can I guess? Under a rock?
First of all, Gray Davis was the creator of CA’s problems
Gray Davis was a victim of both the dot-com bust (sorta like the FL real estate bust) and his own tax cuts.
It took Deukmajian (another repub) to institutionalize huge amounts of borrowing to just cover the budget — one that enjoyed a huge growth in his term. Repub Pete Wilson — according to the FERC report — was responsible for implementing a badly structured energy deregulation strategy which led to the ENRON manipulation of the markets and the long term ripoff of Californians (and others). And the current repub is fond is using his Republicard to fund the budget too.
Gray Davis had more than his fair share of issues and he was recalled for the energy business (even tho the FERC was pretty clear that Wilson was the source of the problem) but there is no doubt that the source of some of the long term structural problems in CA are R-created.
If we had just elected Papa Burris we wouldn’t be in this fiasco, yeah right LOL.
Al Bundy wrote:
As other states turn to gambling — such as Pennsylvania — the casinos in Atlantic City are seeing a revenue decline, which means fewer tax dollars.
Y’all could always hold a referendum, asking the citizens whether they would prefer to keep taxes where they are and require the government to cut spending, or whether they want spending increases and tax increases as well.
By the way, it should be noted that the California State Assembly has been under Democratic control for a while now.
But the real problem is that everybody wants government services, but nobody wants to pay taxes to pay for them; they always think that somehow, some way, other people should pay for them.
Well, most politicians run on keeping taxes low, and that’s what people vote for; look what happened to the last presidential candidate who promised to raise taxes!
Well, if politicians are going to run on lower taxes, then they ought to be willing to bite the bullet and cut spending.