Stocks plummeted today as more bad economic news was released, anticipating the end of most States’ fiscal year on June 31st.
And the New York Times reported that nineteen states are taking drastic measures to rearrange their spend-and-tax policies:
Hawaii state employees will have three furloughs days a month over the next two years, the equivalent of a 14 percent pay cut. Idaho reduced aid to public schools and will foce pay cuts on teachers. California, the nation’s hardest hit state with a $24 billion deficit, proposed releasing thousands of prisoners early and closing more than 200 state parks. Maine is adding a tax on candy. Wisconsin will add a new tax on oil companies. Kentucky will add a new tax on alcohol and cellphone ring tones.
Ron Paul chimed in yesterday on California’s spending in the New York Times as well.Published in