One of the most
profound spillover effects of the current economic crisis, writes
Leonard Gilroy, is that it has exposed a festering fiscal health
crisis in state and local government. Today 13 states are staring
at budget shortfalls in excess of $1 billion in fiscal year 2009,
with California ($31 billion) and New York ($6.4 billion) leading
the pack. Texas, on the other hand, is currently the envy of the
nation with an $11 billion budget surplus. How did the
state do it? By spending within its means and partnering with the
private sector.
Reason Magazine
New at Reason: Leonard Gilroy on Big Spending States and the Bailout
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