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Essay / Research Paper Abstract
This 6-page paper focuses on the budget shortfall facing states, and what can be done to help states balance their budgets. Bibliography lists 6 sources.
Page Count:
6 pages (~225 words per page)
File: AS43_MTbalabudg.rtf
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Unformatted sample text from the term paper:
and Policy Priorities, "the worst recession since the 1930s has caused the steepest decline in state tax receipts on record" (McNichol and Johnson, 2010).
Unlike the United States federal government, however, states are required to have balanced budgets (its a legal requirement), meaning that running budget deficits isnt an option. The two
choices that state legislatures have are to cut spending or raise taxes. The problem with raising taxes is, of course, people may not be able to afford to pay them
(and throwing them in jail for non-payment simply adds to the prison population). The other option, that of cutting services, also doesnt sit well with people. Most residents are too
picky, but they do like to know that they have fire and police protection when they need it. California is the poster
child of what can happen when taxes are not raised in tandem with increased spending for services. For years, California did enjoy a reputation of having few taxes - but
social services werent cut. However, during the past couple of years, California has been facing severe budget shortfalls to the point that the state has approached bankruptcy on close to
several occasions. Though other states arent quite as on the brink as the Golden State, they arent in very good shape, either. New York was forecast to have a $17.6
billion deficit for 2010 (Scherzer, 2009). The cheerful news from the Center on Budget and Policy Priorities points out there are new shortfalls
in states budgets that cropped up since adopting fiscal year 2010 budgets earlier in the year (McNichol and Johnson, 2010). As a result, 48 states have had to address such
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