By Liz Farmer, includes “It’s worth noting that states are required to balance budgets, which is why these shortfalls are unavoidable in a recession. Meanwhile the federal government operates on an annual deficit during good times and bad, with no required spending cuts or tax increases.” (Note: Illinois “balanced” its latest budget with $5 billion in anticipated federal aid, and if that didn’t arise, with anticipated borrowing proceeds. See p. 4 here.)
Read the full article on: Forbes