.Budget 'disasters' await ten US states
Nine US states have joined California in the club of the worst financially-hit states which face a fiscal 'disaster' over America's reeling economy, a report says.
A new report published by the Washington-based research center on national advances in various fields, Pew Center, has portrayed a bleak outlook for the state of economy in the US and listed ten large states to be in 'grave' need of financial plan adjustments in order to escape insolvency.
Pew's Wednesday analysis has raised the alarm for California, Rhode Island, New Jersey, Arizona, Florida, Illinois, Michigan, Nevada, Oregon and Wisconsin, urging local legislatures and administrations to take strong action in an effort to prevent a 'looming' economic catastrophe.
The widening double-figure budget gaps, increasing job losses and high property foreclosures have amounted to the states' teetering economies that constitute one third of US financial power.
The study, named 'Beyond California: States in Fiscal Peril', also counts single industry economy, history of budget deficits and legal obstacles in the way of tax increases as other contributors to the ongoing financial woes that have hit America in the aftermath of the 2007 economic recession.
US economy has had its worst nightmare since 1930's Great Depression, with some states considering mortgaging Capitol buildings or cutting public expenditures such as public schools and healthcare costs in order to help ease the economic havoc.
The need for cash in the frozen credit market forced the California government to print IOUs, or payable notes, earlier in 2009 to help pay out bills.
A number of other states, however, came up with local money in a bid to inject capital into their cash-strapped economies.
Despite a 0.9 percent gain in economic transactions during the third quarter of the 2009 fiscal year, financial woes in the world's largest free market system continue to defy the US exit from recession due to the hundreds of billions lost in the latest economic downturn.
PressTV
A new report published by the Washington-based research center on national advances in various fields, Pew Center, has portrayed a bleak outlook for the state of economy in the US and listed ten large states to be in 'grave' need of financial plan adjustments in order to escape insolvency.
Pew's Wednesday analysis has raised the alarm for California, Rhode Island, New Jersey, Arizona, Florida, Illinois, Michigan, Nevada, Oregon and Wisconsin, urging local legislatures and administrations to take strong action in an effort to prevent a 'looming' economic catastrophe.
The widening double-figure budget gaps, increasing job losses and high property foreclosures have amounted to the states' teetering economies that constitute one third of US financial power.
The study, named 'Beyond California: States in Fiscal Peril', also counts single industry economy, history of budget deficits and legal obstacles in the way of tax increases as other contributors to the ongoing financial woes that have hit America in the aftermath of the 2007 economic recession.
US economy has had its worst nightmare since 1930's Great Depression, with some states considering mortgaging Capitol buildings or cutting public expenditures such as public schools and healthcare costs in order to help ease the economic havoc.
The need for cash in the frozen credit market forced the California government to print IOUs, or payable notes, earlier in 2009 to help pay out bills.
A number of other states, however, came up with local money in a bid to inject capital into their cash-strapped economies.
Despite a 0.9 percent gain in economic transactions during the third quarter of the 2009 fiscal year, financial woes in the world's largest free market system continue to defy the US exit from recession due to the hundreds of billions lost in the latest economic downturn.
PressTV
posted by madtom at 8:19 PM
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