Sorry!! The article you are trying to read is not available now.
HOT TAGS:  

Plummeting State Tax Revenues Adding to Fiscal Crisis

Print comment Post Comments
MUNICIPAL WOES
DailyFeed
The chart below, from the Congressional Budget Office's report on fiscal stress faced by state governments, illustrates pretty much all you need to know about the current state of the economy and why things feel so much worse than the stock market gains would suggest.

The chart shows tax revenues for state and local governments.



From the report: "State governments provided 30 percent of revenues for local governments in 2008. However, state revenues—primarily from income and sales taxes—have plummeted during the weak economic conditions of the past two years. States have consequently reduced spending, in part by cutting the amounts provided to local governments. Because periods of local and state fiscal stress tend to occur concurrently, aid to local governments often falls when it is needed most."
POSITION:  No positions in stocks mentioned.
TICKERS:  NYSE:SPY, NASDAQ:QQQQ   

TICKERS