State facing fiscal doom

OK. That headline is a bit strong, but given the straits the state faces annually, the structural deficit it has to plug just to break even, this news is not good.

In a sign that the faltering economy is further pinching state finances, nonpartisan legislative analysts believe state tax receipts over the next 15 months will be $134 million below those projected by the Corzine administration just a month ago.

While the discrepancy is small compared to the governor’s recommended $33 billion budget, some fear it could signal a slump in revenues that could worsen as the year unfolds.

South Brunswick Post, The Cranbury Press
The Blog of South Brunswick

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Author: hankkalet

Hank Kalet is a poet and freelance journalist. He is the economic needs reporter for NJ Spotlight, teaches journalism at Rutgers University and writing at Middlesex County College and Brookdale Community College. He writes a semi-monthly column for the Progressive Populist. He is a lifelong fan of the New York Mets and New York Knicks, drinks too much coffee and attends as many Bruce Springsteen concerts as his meager finances will allow. He lives in South Brunswick with his wife Annie. View all posts by hankkalet