WE'RE SCREWED

By "we" I mean most people in Arizona and I say that because until now I thought our budget problems were caused by the current recession. A leading in-state economist writes that budget deficits will continue for a LONG time.

UA Economist Marshall Vest: State Budget Crisis "Looks To Be Unsolvable"
Posted by Jim Nintzel on Mon, Dec 14, 2009 at 8:11 PM
Tucsonm Weekly

UA economist Marshall Vest became the latest Cassandra to warn about the state government’s impending financial collapse.

"After cutting budgets significantly during the past two years, the state of Arizona this year is spending roughly $10.1 billion, but revenues of only $6.4 billion will be collected. $1.1 billion of federal stimulus money, coupled with additional cuts, fund sweeps, and sales of state buildings reduces the current-year shortfall to about $2 billion. The gap will grow to $3 billion-plus next year, and a structural deficit of similar size looms for as far as the eye can see."

According to Vest, the only possible way out is to restore tax cuts made in the mid-90s but the GOP simply won't do that.