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ERIC Number: ED507384
Record Type: Non-Journal
Publication Date: 2009-Nov
Pages: 3
Abstractor: ERIC
Reference Count: 0
ISBN: N/A
ISSN: N/A
The State Fiscal Situation: The Lost Decade
National Governors Association
The fiscal condition of states deteriorated dramatically over the last two years because of the depth and length of the economic downturn, and state officials do not expect this situation to improve any time soon. Previous downturns have proven that the worst budget years for a state are the two years after the national recession is declared over. States' recoveries from the current recession, however, may be prolonged with most economists projecting a slow and potentially jobless national recovery. Moreover, even when recovery begins, states will continue to struggle because they will need to replenish retiree pension and health care trust funds and finance maintenance, technology and infrastructure investments that were deferred during the crisis. They will also need to rebuild contingency or rainy day funds. The bottom line is that states will not fully recover from this recession until late in the next decade.
National Governors Association. 444 North Capitol Street, Washington, DC 20001-1512. Tel: 202-624-5300; Fax: 202-624-5313; Web site: http://www.nga.org
Publication Type: Reports - Descriptive
Education Level: N/A
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: National Governors Association