Geldpress

Here is an interesting story from Businessweek that outlines the 10 worst states facing severe budget shortfalls.  California makes the top 10 on the list, along with the others shown below.  Perhaps if California wasn’t carrying a 60% debt load, as compared to their tax revenue, their outlook would be better.

1. California - 22% shortfall, and need for $22.2 billion
2. Arizona - 19.9% shortfall, and need for $2 billion
3. Florida - 19.9% shortfall, and need for $5.1 billion
4. Nevada - 16% shortfall, and need for $1.2 billion
5. Rhode Island - 13.1% shortfall, and need for $430 million
6. New York - 9.8% shortfall, and need for $5.5 billion
7. Alabama - 9.5% shortfall, and need for $784 million
8. Georgia - 8.7% shortfall, and need for $1.8 billion
9. New Jersey - 7.7% shortfall, and need for $2.5 billion
10. Maryland - 7.2% shortfall, and need for $1.1 billion

This data should come as no surprise, given the atrocious accounting standards and reckless spending of the government.

For related stories:

• California’s exploding debt problem
• Washington state debt history - does Dino Rossi understand it?
• The United States has not had a balanced budget since 1957!
• The United States national debt limit has become a joke
• Congress working hard to make T Boone Pickens even richer
• Financial crisis - bailout bookstore open