Watching the stock market in the last 6 months might make you believe that the good times are here. Although we still have a long way to go. For one, many of the states are struggling with their budgets and will struggle in balancing their ‘check books’. We expect taxes to increase in many states.
Nevada’s budget is so far out of balance that by one account the state could lay off every worker paid from the general fund and still be $300 million in the red. The economic downturn has hit so hard that prisons may be closed, entire colleges shuttered and thousands left without jobs.