[Kosh]

ouch

Social catastrophes are poorly expressed by statistics. A recent study by The Center on Budget and Policy Priorities revealed that 41 states are facing severe budget shortfalls for 2009. Some states are worse off than others, with California ($31.7 billion) and Florida ($5.1 billion) leading the deficit pack. In all, the 41 states are currently facing a $71.9 billion budget shortfall.

The key word here is “currently,” since a similar study was conducted by the same group only three months earlier, at which time “only” 29 states were predicted to face shortfalls of a “mere” $48 billion. As the recession deepens, so will the state’s budget problems, turning this “budget crisis” into a humanitarian disaster. Projections have already been made for a $200 billion shortfall by 2010.

That has got to hurt.....

[Silent Warrior]

Phew! Obama has his work cut out for him, doesn't he?

[Rand al Thor]

No! Just as the Governator was sorting things out.

Eh, I can't actually back that up. How has Schwarzenegger's last few years gone? I'll probably cheer him regardless though.

Humanitarian disaster. I don't think that's a term that can actually apply to the only world superpower. Unless of course it's not anymore.

[MP-Ryan]

Humanitarian disaster. I don't think that's a term that can actually apply to the only world superpower. Unless of course it's not anymore.

Most Western nations live well beyond their means, largely due to the extension of credit.  Reality has to hit eventually.

[Androgeos Exeunt]

Well, that's how the credit system works. Spend now, pay later.

Still, I'll genuinely be surprised if "later" is next year.

[Mika]

Mika makes a mental note to stay the **** away from US, China, India and Thailand next year

[Polpolion]

Pfft. They're all slow. Michigan is already bankrupt.

EDIT: Oh, BTW: My credit score is infinite.

[Mars]

Hmm... doesn't mention Colorado, we must be fine...


*skips off merrily*

[Roanoke]

Phew! Obama has his work cut out for him, doesn't he?

I still think the 'klanners will get organised and do him in before he takes over.

[iamzack]

Well, that's how the credit system works. Spend now, pay later.

Still, I'll genuinely be surprised if "later" is next year.

Well, later has to come at some point. As soon as somebody *needs* to be repayed... the whole system collapses. Look at the 1920s; credit was everything. And then there was a panic, and everyone sold their stock, so the stock market crashed. And then people rushed the banks, and the banks failed. And there it is: no money in the system, Great Depression.

"Later" has to be sometime. No reason it can't be next year, considering.

I still think the 'klanners will get organised and do him in before he takes over.

The people who would kill Obama are way, way too stupid to actually pull it off.

[Mars]

That makes me look downright optimistic.

[iamzack]

You're only optimistic because you don't know Colorado's got a budget gap of $99 million.

But, hey, look on the bright side: North Carolina's is $800 million.

Well, link.

[Mars]

The really funny thing is that NCs GSP is supposed to be higher than Colorados by $100 billion.

$99 million is not really all that much compared to Colorados GSP, which is $230 billion, still, it's concerning.

Am I the only one surprised Texas isn't on that list?

Oh and "Of these states Colorado, Hawaii, Idaho, New Mexico, Pennsylvania and Utah did not also face shortfalls before adopting FY2009 budgets."So apparently someone in the state government is being a dick and biting off more than they can afford.

[iamzack]

Well, they cut back a lot. I know Colorado is dealing with some huge amount of money it *thought* it would have (from taxes and such) but isn't going to happen.

[Whitelight]

I don`t think cutting spending will turn this around, at least not in a short term. This is spreading like a virus, and may have to run its corse. If nothing changes within a few years, well be looking at economic collapse.

The word ression mean anything to you, It does now...

Its spreading, gaining steam, making its way into other countries, slowly...

Im going to shut up now. 

(edit) At least where I work we are still doing a 6 day work week..

[Androgeos Exeunt]

Sometimes, I question if money can be created out of thin air. That appears to be what the credit system does.

[iamzack]

It's not money out of thin air. It's more like a placeholder for money. An IOU.

The problem is that with credit, you can take the IOU and use it as money.

[Whitelight]

Huh, you have zero post. 

[iamzack]

GenDisc posts don't count.

[Mika]

Am I the only person who sees the upcoming recession as positive event?

I would think it ought to sweep away all the stupidity and allows a clear restart (only to be repeated later). Given that major wars don't break out like last time.

Yes there will be hard times ahead, but I'm pretty sure it is possible to survive through it.

Mika