The Steamboat Pilot & Today: Discussion: Many states appear to be in recession as deficits grow

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Many states appear to be in recession as deficits grow

Posted by contrarian (anonymous) on April 26, 2008 at 6:39 a.m. (Suggest removal)

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.
The situation looks even worse for the fiscal year that begins July 1 in most states.

"Whether or not the national economy is in recession—a subject of ongoing debate—is almost beside the point for some states," said the report to be released Friday by the National Conference of State Legislatures.

The weakening economy is hitting tax revenue in a number of ways: People's discretionary income is being gobbled up by higher food and fuel costs, while the tanking housing market means people are spending less on furniture and appliances associated with buying a house.

http://www.breitbart.com/article.php?id=...