RealClearPolitics - The Blue State Budget Crisis

Democrats face fiscal crisis in blue America
After the Midterm Elections, attention understandably focused on those parts of the South and Midwest where the Obama coalition collapsed. But a second wave of trouble is coming for the president and his party, precisely in those States where the first wave barely reached. Having experienced the revolt of red America, Democrats must now deal with the fiscal Crisis of blue America. While enormous State Budget shortfalls are not limited to predominantly Democratic States, they are concentrated in ...

Michael Gerson - Blue-state budget crises spell more trouble for Democrats
Following the Midterm Elections, attention understandably focused on those parts of the South and Midwest where the Obama coalition collapsed. But a second wave of trouble is coming for the president and his party, precisely in those States where the first wave barely reached. Having experienced the revolt of red America, Democrats must now deal with the fiscal Crisis of blue America. This Story Where's the Democrats' fighting spirit? Blue-state Budget crises spell more trouble for Democrats ...

Richardson, Martinez wrangle over state budget woes
Governor-elect Susana Martinez and the outgoing administration Gov. Bill Richardson swapped accusatory statements Thursday over how bad New Mexico’s Budget woes are. Before it was all over Martinez was accusing the Richardson administration of playing “financial shell games” to hide the true size of New Mexico’s Budget woes while the Richardson administration was questioning Martinez’s understanding of how State budgeting works. The Fireworks erupted Thursday aftern...

Michael Gerson: Why is it that most of the states with massive budget problems are run by Democrats?
Former Bush Speechwriter Michael Gerson has a great column on the fiscal Crisis in the States, a problems that we’ve highlighted a lot here at the Examiner. Gerson makes an awfully relevant observation about the politics behind the problem: Following the Midterm Elections, attention understandably focused on those parts of the South and Midwest where the Obama coalition collapsed. But a second wave of trouble is coming for the president and his Party, precisely in those states where the fi...

Democrats face another wave this time in the blue states
Image via Wikipedia Michael Gerson: Following the Midterm Elections, attention understandably focused on those parts of the South and Midwest where the Obama coalition collapsed. But a second wave of trouble is coming for the president and his party, precisely in those States where the first wave barely reached. Having experienced the revolt of red America, Democrats must now deal with the fiscal Crisis of Blue America. While massive State Budget shortfalls are not limited to predominantly Dem...

Michael Gerson: Why is it that most of the states with massive budget problems are run by Democrats?
Former Bush Speechwriter Michael Gerson has a great column on the fiscal Crisis in the States, a problems that we’ve highlighted a lot here at the Examiner. Gerson makes an awfully relevant observation about the politics behind the problem: Following the Midterm Elections, attention understandably focused on those parts of the South and Midwest where the Obama coalition collapsed. But a second wave of trouble is coming for the president and his party, precisely in those states where the fi...

Michael Gerson: Why is it that most of the states with massive budget problems are run by Democrats?
Former Bush Speechwriter Michael Gerson has a great column on the fiscal Crisis in the States, a problems that we’ve highlighted a lot here at the Examiner. Gerson makes an awfully relevant observation about the politics behind the problem: Following the Midterm Elections, attention understandably focused on those parts of the South and Midwest where the Obama coalition collapsed. But a second wave of trouble is coming for the president and his Party, precisely in those states where the fi...

APNewsBreak: New Mexico Gov.-elect Martinez selects Rick May to run state budget agency
SANTA FE, N.M. — New Mexico Republican Gov.-elect Susana Martinez has selected Rick May to become secretary of the Department of Finance and Administration. A senior aide to Martinez says May is the incoming Governor's nominee to run the Budget agency. May currently is manager of government relations at Sandia National Laboratories in Albuquerque. The aide spoke on condition of anonymity because Martinez plans to make the announcement later Friday. It's the first cabinet-level appointme...

Super-sized pensions could spell doom for states
In New York, a 44-year-old Firefighter retires with a $101,000 a Year Pension, for life. Near Chicago, a parks commissioner quits and begins collecting a $166,000 Pension - a sum sweetened by $50,000 thanks to a one-time Retirement Year Windfall of $270,000. And in California, a former city manager pulls down $500,000 in Retirement checks every year. As outrageous as those sunset stipends may seem, they are merely the most visible piece of what critics of generous Government pensions say i...

Martinez nominates Richard May to head DFA
Governor-elect Susana Martinez named Richard May as her nominee to head the Department of Finance and Administration today. May was also the majority staff director and Republican staff director in the U.S. House of Representatives Committee on the Budget, a federal affairs counsel at the National Conference of State Legislatures and legislative director for Congressman John R. Kasich. “The failure of State Government to live within its means is inexcusable and it’s time we make the ...

No One Cares About the Deficit
Steve Kornacki brilliantly makes a point that can't be made enough: Voters don't care about the Deficit, they care about The Economy. Keep in mind that twice in the last 30 years the Deficit has emerged as a top national issue -- and both times it coincided with an economic downturn. In the Recession of the early '80s, it was Democrats who were pointing fingers at a Republican president, Ronald Reagan, for policies that sent the Debt soaring. In 1982, at the height of the Reagan Recession, "inde...

Estimated state budget deficit reaches $25.4 billion
Reporting from Sacramento — As Jerry Brown prepares to take over as governor, California faces a $25.4-billion deficit — far larger than state officials were projecting only days ago — the state's chief budget analyst said Wednesday. The figure, projected over the next year and a half, results from billions of dollars in phantom savings approved by Gov. Arnold Schwarzenegger and legislators last month, more budget restrictions passed by voters last week and predictions of a ...

Merkel refuses to back down over debt burden - The Irish Times - Fri, Nov 12, 2010
GERMAN CHANCELLOR Angela Merkel is refusing to back down from her push to force private investors to share the burden of the euro Debt crisis, which helped send Irish borrowing costs to record levels. Speaking in Seoul, where she is attending the G20 summit, Dr Merkel acknowledged her demands have upset the markets but insisted it was unfair for Taxpayers to be saddled alone with the cost of sovereign rescues. “Let me put it simply: in this regard there may be a contradiction between the i...

IMF Shadow Looms as Irish Sacrifice to Avoid Bailout
John Montgomery reckons he has lost about 350 euros ($479) a month, or 25 percent of his disposable income, because of lower pay and higher taxes since Ireland’s economy began to collapse in 2008....

State budget gap hits $450 million
New Mexico's financial problems are larger than expected, with a Budget shortfall of at least $452 million next Year, according to a new estimate by Gov. Bill Richardson's administration. The gloomier Budget outlook adds to the Headaches for Republican Gov.-elect Susana Martinez, who takes office in January. Finance and Administration Secretary Dannette Burch outlined the latest Budget shortfall estimate to The Associated Press, calling it "daunting." "It's going to be a challenge for both th...

SD budget official says state still facing big budget gap but stimulus dollars will help
PIERRE, S.D. — South Dakota will face another substantial Budget gap next Year, but the latest round of Federal stimulus money will help deal with part of that shortfall, state Budget director Jason Dilges said Friday. Dilges told the Legislature's Budget-writing panel that details of the state's financial condition won't be released until Gov. Mike Rounds presents his Budget proposal to the South Dakota Legislature on Dec. 7. However, Dilges said lawmakers will be asked during the legi...

Schwarzenegger says Calif. lawmakers, voters to blame for $6B hole in budget he just signed
Sacramento, CALIF. — Gov. Arnold Schwarzenegger on Friday pointed the finger at lawmakers and California voters for the $6 Billion Deficit in the State Budget he signed just a month ago. The Republican Governor sought to deflect blame for the Deficit, even though the rosy Revenue assumptions he and lawmakers used were widely reported when they approved the $86.6 Billion spending plan and Schwarzenegger signed it on Oct. 8. "I think that the Legislature, as you know, did not finish their...

Schwarzenegger says Calif. lawmakers, voters to blame for $6B hole in budget he just signed
Sacramento, CALIF. — Gov. Arnold Schwarzenegger on Friday pointed the finger at lawmakers and California voters for the $6 Billion Deficit in the State Budget he signed just a month ago. The Republican Governor sought to deflect blame for the Deficit, even though the rosy Revenue assumptions he and lawmakers used were widely reported when they approved the $86.6 Billion spending plan and Schwarzenegger signed it on Oct. 8. "I think that the Legislature, as you know, did not finish their...

If Texas dropped out of Medicaid, ctd.
Why wait to seat the new Congress? Reihan Salam responds to my post on Texas Medicaid, arguing that conservative States that ditched the program wouldn't just leave poor Texans to fend for themselves in Emergency Rooms. Rather, he writes, "states that opt out of Medicaid could, and presumably would, create new programs, perhaps modeled on Indiana’s subsidized HSA program. Indeed, experimenting with new models for providing the poor with cost-effective Insurance Coverage has been a subject ...

California's deficit balloons to over $25 billion
(11-11) 04:00 PST Sacramento - -- California faces a $25.4 Billion Budget Deficit over the next 20 months - nearly double what some leading lawmakers predicted a week ago - and a solution to this newest crisis is expected to be far more difficult than in Years past, the nonpartisan Legislative Analyst's Office said Wednesday. Declining revenue and lawmakers' past reliance on one-time Budget fixes have contributed to the recurring Deficit, Mac Taylor, the legislative analyst, said. California...

California governor calls for special session to tackle state's budget shortfall
Gov. Arnold Schwarzenegger called for a special session of the incoming Legislature after the state’s chief Budget analyst said California already was facing a $25.4 Billion Deficit over the next Year and a half. Schwarzenegger signed the Budget to close California’s $19 Billion Deficit 35 Days ago - 100 Days after the Fiscal Year ended. Lawmakers made numerous Cuts without raising taxes, but also assumed the state would receive more Federal Assistance than it did as well as ta...

MICHAEL GERSON: The Blue State Budget Crisis. While massive state budget shortfalls are not limit
Michael Gerson: The Blue State Budget Crisis. “While massive state Budget shortfalls are not limited to predominantly Democratic states, they are concentrated in them.” ...

Pelosi: ‘We didn’t lose because of me.’
“We didn’t lose the election because of me,” Ms. Pelosi told National Public Radio in an interview that aired Friday morning. “Our members do not accept that.” Instead, the California Democrat attributes the loss of at least 60 seats to high Unemployment and “$100 million of outside, unidentified funding.” “Any Party that cannot turn (9.5% Unemployment) into political gains should hang up the gloves,” she said. Well, I guess the comments abou...

Cuomo Against Cuomo-Style Policies? Not So Fast
Noted Small-government Tea Partying Populist conservative Andrew Cuomo… wait. The new New York Governor seems to have forgotten that the election is over, as he’s still trying to suck up to voters by eschewing Tax hikes even after winning. Paladino may have cruised to defeat, but the victor sounds like he’s opening a Carl’s Jr. franchise as he rails against increasing the State’s take: Gov.-elect Andrew Cuomo repeated his pledge of no new taxes at a Nov. 9 Press con...

Will Sarah Palin and the Tea Party Cause Hyper-Inflation? - The Curious Capitalist - TIME.com
Ever since the Financial Crisis, some, Tea Partiers in particular, have been predicting that the country may have an upcoming massive bout of Inflation. And why not. Many of the things we have been through seem like the type of stuff that should make our currency dive and prices go up. First of all, there was the failure of our banking system. That's got to take some wind out of the value of your currency. Then you have the Government's response to it. Bailouts and massive stimulus. Again, gover...