New Report: States Facing $350 Trillion in Budget Shortfalls
April 1, 2009
According to a new report using crystal balls, wild spending assumptions, and guessing, cumulative state budget gaps between now and 2084 will total an astonishing $350 trillion.
“Because states should provide all nice things to everyone, projected state tax revenue is inadequate,” said study author Mina Crandon of the Center for Big Budget Priorities (CBBP). “Federal assistance and state tax increases are obviously needed.”
Crandon said everyone but the Tax Foundation agrees.
“Despite the different timing and scope of the estimates, we all find the same thing,” Crandon said. “Our survey and the others clearly indicate that states are facing a fiscal crisis of historic proportions that will continue for [a] number of years.”