Record revenues pour into states
Booming revenues are filling state budget coffers across the country to the brim as both higher wages and higher prices increase tax collections far beyond expectations.
A review of state fiscal offices conducted by the National Conference of State Legislatures found half the states now expect to exceed revenue projections this fiscal year, projections that were already far higher than in previous years. Another 17 states are on pace to meet their expectations.
The good news comes two years after the onset of the coronavirus pandemic, when state budget officers looked into an abyss of red ink in the midst of business shutdowns and mass layoffs that appeared to be the brink of the next Great Depression.
The (some would say) rapid recovery, bolstered by trillions in federal spending
including billions directed to state and local governments as well as direct aid to individuals and families, has turned what could have been a budgetary catastrophe into an unprecedented wave of revenues.
The situation represents “a total 180 from where we were at the start of the pandemic,” said Erica MacKellar, who runs NCSL’s Fiscal Affairs Program. “This quick rebound is really positive for states.”
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It's worth noting here the Florida is one of only a few States in the country wherein a 'balanced budget' (meaning no new debt) is mandatory under state law. Can your state boast that kind of successful governing?
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My wife and a friend of hers at a Craft Show this past weekend selling
her wares. She really does make every single piece by hand.
Special occasion coming up soon? My
wife's handmade jewelry is a great idea.
Click on the picture for information on this bracelet.
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Don't worry. The criminals in office will always be able to spend it faster than it comes in. No matter HOW MUCH money pours into public coffers it's NEVER ENOUGH.
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