http://navlog.org/ma_bankrupt.html
It was reported today that Democrats in the state senate appeared “stunned” over new estimates showing state revenues imploding even faster than had just recently been forecast. The disaster projects a final quarterly deficit of up to $800 million, a rate of $ 2.4 billion in red ink per year. The news sent the Democrat leaders into a frenzy of finger-pointing and blame-gaming (Democrats run the Massachusetts State Legislature with a majority of 89%).
While a House-approved $900 million sales tax increase has been approved for fiscal 2010, it wouldn’t make much of a dent in the deficit even if approved by the Senate and signed into law.
Estimated state revenues in F10 are already believed to $ 1.5B lower than earlier forecast, meaning that the state will be $ 3.9B in the hole by the end of the next fiscal year.
First cuts are to programs calculated to create the largest voter outrage, as has been the practice of the State House since the 1960s. Areas hit would include local aid; the state’s disastrously bad “universal healthcare” system (a large part of which serves illegal aliens); “human services” (largely welfare, mostly to illegal aliens); and the state’s university system, a falling-apart gaggle of bad teachers, admissions based upon race and sex, and surly kids majoring in protesting and being pains-in-the-ass (the university trustees meet regularly and wring their hands over the steep drop in alumni giving; alums have stopped giving to a corrupt system that discriminates against white, heterosexual men). To end this fiscal year, the state is expected to draw-upon its remaining $1.2 billion reserve funds.
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