States and Tax Revenues

For states, a glimmer of hope on deficits, By Michael Cooper, May 17, 2011, New York Times: “From stronger-than-expected tax collections in deficit-ridden California to projected surpluses in struggling states like Michigan and Pennsylvania, a growing number of recession-weary states are finally announcing a bit of good budget news for the first time since the downturn began. But it would probably be premature to pop the Champagne, or even the prosecco – or to otherwise declare the fiscal crisis that has hammered states to be over. ‘If the question is ‘Are we out of the woods?,’ I think the answer is probably no,’ said Donald J. Boyd, a senior fellow at the Nelson A. Rockefeller Institute of Government in Albany, which closely tracks state tax collections. ‘We’re closer to the edge. But there are still so many things that states and localities need to worry about…'”