It is not too hard to believe that California’s budget deficit is the lion’s share of all the deficits in those states with current year deficits, is it? What is especially wild is that, unlike the feds, states are required to pass balanced budgets at the beginning of their year, yet no less than 43 states have gotten into trouble in the middle of the year. They projected tax revenues that, due to the recession, did not materialize, and of course they are experiencing increased costs for all sorts of safety net programs.

According to the California Journal, The National Conference of State Legislatures calculates that total state-by-state deficits for this current year are a staggering $47.4 billion. California’s share of these deficits: $40 Billion, or 84% of all state budget deficits in the country! 2010 budgets are not going to move toward the black either. The current cumulative state deficit guess is $84 billion. How much of that will be California’s?

This entry was posted on Wednesday, February 18th, 2009 at 11:13 am and is filed under Assorted Musings, Nonprofit Sector, Trends. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.