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Jun. 5 2010 - 1:53 am | 270 views | 1 recommendation | 3 comments

Surprise! States Running Surpluses

The doomsayers are out in full force today…which I find puzzling.

After all, the jobs report today, while not overtly positive, was still nearly 200,000 better than the previous month and one would think it could be seen as either neutral or slightly positive.

Yes, many of the jobs added were seasonal and created by the government…but that’s still money going back into the economy and job experience that folks didn’t have before. And, trust me, that’s a good thing for those workers.

And now we get a sign that states, who were seriously suffering the last two years, are actually bringing in more than they were spending.

From USA Today:

The fortunes of many governments could improve dramatically this year if the national economic recovery continues, a USA TODAY analysis found. A flood of federal stimulus money and a modest upturn in tax receipts have improved the health of states after two years of financial havoc.

Revenue has grown faster than spending for three straight quarters, reports the Bureau of Economic Analysis. Tax collections are up, too, although they remain below the peak of 2008.

“The turnaround is here, thankfully,” says North Carolina budget director Charlie Perusse.

Most states, cities and school districts are still struggling to balance budgets whacked in a recession that began in December 2007. But most signs provide rays of hope.

And here’s a look at the states’ spending over the past decade…

state surpluses

Long story short…we’re headed in the right direction. And don’t let anybody tell you differently.


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  1. collapse expand

    Long story short…we’re headed in the right direction. And don’t let anybody tell you differently.—-
    Until our GDP comes up, we get the majority of the people back to work and by doing this bring our jobs back from overseas, no we are not recovering. Only the rich is getting richer, the poor, well you know what happens.

  2. collapse expand

    Talk about irresponsible headlines!

    Someone lives in a different North Carolina than I do. And “turnaround” (re the quote) does not mean surplus, he meant that the income was no longer shrinking.

    http://www.youtube.com/watch?v=jod8CXNOcNk

    Interview with Perusse. Budget shortfall (re: Dems is 400-600 Million, Reps calling it 1 Billion). Perusse here quotes it at 500 Million shortfall. He is calling for 6-800 Million in future cuts to balance the shortfalls. Other local articles put that as high as 3 Billion in further cuts needed.

    The budget that looks final has $800 Million in cuts, Raleigh, NC paper link here:
    http://www.newsobserver.com/2010/06/03/512652/189-billion-house-budget-full.html?storylink=misearch

    Surplus my southern backside!

    USA Today irresponsible reporting copied dutifully here without fact checking.

  3. collapse expand

    Surplus!?!?

    That must be why my property taxes in IL tripled.

    We’ve got too much money so raise the taxes!!

    Fiscal mismanagement, 2 wars draining the economy so no money to the states and now we have a surplus.

    Take your heads out of your respective aZZes.

    Why not an article on how the banks are actually helping the foreclosure and bankruptcy process.

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    I run the multi-partisan blog Donklephant. If you never been before, it's a site where everybody is welcome to come and have an open, honest debate about the news of the day. Sometimes it works and sometimes it doesn't, but it's always interesting.

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