I look for positives -- and there are plenty of them. But, the negatives just keep coming and coming and coming.
Here's a recent one you may have seen:
After a couple years of robust tax collections, states across the U.S. are better prepared than ever to weather a potential recession, according to a report released Monday that examines states’ savings.
The good news in the report from Moody’s Analytics is tempered by the reality that one-fifth of all states still have nowhere near enough money set aside to survive a recession without resorting to spending cuts or tax hikes.
A total of 28 states have enough cash on hand to offset a projected decline in tax revenue and rise in Medicaid spending that would stem from a moderate recession, Moody’s Analytics determined. An additional 12 states are close enough — within 5 percentage points of the amount needed — that they also could likely avoid taking drastic measures to keep the state afloat.
Moody’s Analytics found 10 states with a greater than 5 percentage point shortfall in the amount of reserves necessary to survive a moderate recession. Louisiana ranked the worst, followed by Illinois, Kentucky, Oklahoma and New Jersey. Rounding out the bottom 10 were Pennsylvania, Mississippi, Arkansas, New Hampshire and Florida.
Louisiana #50.
Illinois #49.
Go us!!
If a moderate recession were to strike, Illinois would face a shortfall equaling 8.8 percent of its total 2019 revenues, the analysis says. That’s the second worst outcome among the 50 states, according to Moody’s Analytics.
That state’s current rainy-day balance represents 0 percent of its 2019 revenues, the study found. The severity of the fiscal shock the state would face in a moderate recession equals 10.9 percent of the 2019 funds, according to the study.
And Springfield just continues to spend more and more money on expanding programs rather than contracting things.
So disheartening.
Grace & Peace & Love to you all -
Matt
p.s. and more news from Moody's:
2 U.S. cities are not prepared for a recession:
DETROIT
and CHICAGO