My state (MA) is one of the worst, despite being required to have a balanced budget. That trend line looks good, but I expect worse next year. We have had a large influx of immigrants, who need housing and other supirt. PE firms have sucked the life out of several hospital systems, which will further burden those that remain. And we have a Governor and legislators who don't understand financial concepts well enough to stop voting for new (ongoing) benefits to be paid instead of "rainy day fund" contributions. I wish I had a solution.
Pretty much all states (and cities) are required to have "balanced" budgets.
The thing is that all sorts of things are not included in those budgets (underfunded pensions -- if you don't have to pay those benefits this year -- no problem!), and of course, actual spending often doesn't match what is in the budget.
My state (MA) is one of the worst, despite being required to have a balanced budget. That trend line looks good, but I expect worse next year. We have had a large influx of immigrants, who need housing and other supirt. PE firms have sucked the life out of several hospital systems, which will further burden those that remain. And we have a Governor and legislators who don't understand financial concepts well enough to stop voting for new (ongoing) benefits to be paid instead of "rainy day fund" contributions. I wish I had a solution.
Pretty much all states (and cities) are required to have "balanced" budgets.
The thing is that all sorts of things are not included in those budgets (underfunded pensions -- if you don't have to pay those benefits this year -- no problem!), and of course, actual spending often doesn't match what is in the budget.