For those of you interested in Indiana’s tax and budget situation, a national perspective may be of interest. The New York Times has an article entitled States’ Coffers Swelling Again After Struggles. Most states are seeing an increase in tax revenue after 4 years or so of lean times. The article mentions the Great Lakes states as not necessarily sharing in the bounty on account of the significant loss in manufacturing jobs. It also mentions the Gulf states which were set to do pretty well, largely on the strength of oil royalties, until the hurricanes came.
All is not roses even for the states getting a good deal of extra income. The article likens those states to the guy who has been out of work for a while. Sure, he has his job back, and that’s good. But, while he was unemployed, he ran up his credit cards and dipped into his retirement to pay for his kid’s rising tuition. So, it will take awhile to get back to even, let alone pull ahead.
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