It's not the economy, stupid.
As states grapple with looming budget problems, they point to the flagging economy as culprit. But, according to the USA Today, shortfalls have less to do with the weak economy "than with the [in]ability of governors and legislators to manage money wisely."
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"California, the worst-performing state in the analysis...approved huge spending increases and tax cuts during the boom. When the economy soured, the state began borrowing money and using accounting gimmicks to avoid its day of reckoning. Today, it continues to spend $1 billion a month more than it takes in."
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"California, the worst-performing state in the analysis...approved huge spending increases and tax cuts during the boom. When the economy soured, the state began borrowing money and using accounting gimmicks to avoid its day of reckoning. Today, it continues to spend $1 billion a month more than it takes in."
About this blog
Economic Alert is a daily blog on business and the economy in the San Gabriel Valley and beyond, featuring updates and observations from the staff of the San Gabriel Valley Newspaper Group. SGVN includes the San Gabriel Valley Tribune, Pasadena Star-News and Whittier Daily News.
Your hosts:
Kevin Smith is business editor for the San Gabriel Valley Newspaper Group. Over the past 15 years, Smith has covered development, housing, employment, technology and financial trends for a variety of newspapers.
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Ryan Carter covers business and the economy for the San Gabriel Valley Newspaper Group.
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Your hosts:
Kevin Smith is business editor for the San Gabriel Valley Newspaper Group. Over the past 15 years, Smith has covered development, housing, employment, technology and financial trends for a variety of newspapers.
Ryan Carter covers business and the economy for the San Gabriel Valley Newspaper Group.
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