{"id":53271,"date":"2020-05-14T09:54:59","date_gmt":"2020-05-14T14:54:59","guid":{"rendered":"https:\/\/olduvai.ca\/?p=53271"},"modified":"2020-05-14T09:55:02","modified_gmt":"2020-05-14T14:55:02","slug":"states-are-now-wrestling-with-the-biggest-budget-crisis-they-have-faced-in-all-of-u-s-history","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=53271","title":{"rendered":"States Are Now Wrestling With The Biggest Budget Crisis They Have Faced In All Of U.S. History"},"content":{"rendered":"\n

States Are Now Wrestling With The Biggest Budget Crisis They Have Faced In All Of U.S. History<\/a><\/h3>\n\n\n\n

Most U.S. states are seeing tax revenues completely and utterly collapse during this COVID-19 pandemic, and some are already begging the federal government for bailout money.  Because if dramatic intervention does not happen, many states are going to have to start savagely slashing their expenditures, and that could mean unprecedented job losses on the state government level.  Typically, state government bureaucrats make above average salaries and those jobs often come with very nice benefit packages.  Once those jobs have been eliminated, they will not be easy to replace.<\/p>\n\n\n\n

The tax revenue numbers that are starting to come in are nothing short of shocking.  Just consider these examples<\/a>\u2026<\/p>\n\n\n\n

Georgia is showing a decline of more than $100 million<\/strong> in sales tax, fuel tax and other tax revenue compared with the same period a year ago. Tennessee\u2019s tax revenue is down more than $120 million<\/strong>. Pennsylvania\u2019s is off by more $760 million<\/strong>, and Texas, which also has been hammered by the downturn in oil prices, has seen tax collections plummet by nearly $1 billion<\/strong>.<\/p><\/blockquote>\n\n\n\n

And New Jersey officials just reported that tax revenue in their state fell a whopping 60 percent<\/a> during the month of April compared to a year ago.<\/p>\n\n\n\n

These are unprecedented figures, and they have created gaping holes in state budgets all over the nation<\/a>\u2026<\/p>\n\n\n\n

Colorado faces a gap of nearly a quarter of the state\u2019s general budget<\/strong>. The projected gap in California is more than a fifth<\/strong> of its spending plan and in Oklahoma, a sixth<\/strong>. The governor of Oregon is preparing to cut 17% of her budget<\/strong>. Michigan may have to slash up to a quarter of the money it sends to schools<\/strong>.<\/p><\/blockquote>\n\n\n\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"

States Are Now Wrestling With The Biggest Budget Crisis They Have Faced In All Of U.S. History Most U.S. states are seeing tax revenues completely and utterly collapse during this COVID-19 pandemic, and some are already begging the federal government for bailout money.  Because if dramatic intervention does not happen, many states are going to […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[29726,29728,6069,4901,29727,29729,29730,29414,827],"class_list":["post-53271","post","type-post","status-publish","format-standard","hentry","category-economics","tag-budget-crises","tag-budget-crisis","tag-economic-collapse-blog","tag-michael-snyder","tag-state-budget-crisis","tag-state-budgets","tag-state-tax-revenues","tag-tax-revenues","tag-united-states"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/53271","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=53271"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/53271\/revisions"}],"predecessor-version":[{"id":53272,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/53271\/revisions\/53272"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=53271"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=53271"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=53271"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}