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White House Admits, US States Need To Be Better Prepared For Fiscal Volatility
“What the Great Recession has shown is that things have fundamentally changed,” The White House warned this week and, as Bloomberg reports, states would have to cut spending or raise revenue by a combined $21 billion in the event of a recession, further exacerbating economic weakness, Moody’s Analytics found in a stress test of state finances. While investors are willingly buying bonds with both hands and feet, The White House warns, states "need to be much more prepared for very volatile fiscal conditions than they had been in the past."
Tax revenues still lower for many states...
"Now’s the time to sock away cash," warns Moody's Daniel White, as Bloomberg reports, U.S. states, still grappling with the lingering effects of the longest recession since the 1930s, are even more vulnerable to another fiscal shock...
The governments have a little more than half the reserves they’d stashed away before the 18-month recession that ended in June 2009, according to a report last month by Pew Charitable Trusts. New Jersey, Pennsylvania, Illinois and Arkansas have saved the least.
Skimpier rainy-day funds have implications for the national economy, which is in its sixth year of expansion. States would have to cut spending or raise revenue by a combined $21 billion in the event of a recession, exacerbating economic weakness, Moody’s Analytics found in a stress test of state finances. Reserves take on added importance for governments balancing obligatory pension and health-care costs with swings in tax collections, said Daniel White, a senior economist at the arm of Moody’s Corp.
“What the Great Recession has shown is that things have fundamentally changed in terms of the way that state fiscal conditions are determined,” White said from West Chester, Pennsylvania. “They need to be much more prepared for very volatile fiscal conditions than they had been in the past.”
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States were unprepared for the last recession. In 2009, budget gaps totaled $117 billion, about twice the level of reserves, according to Pew, a research group. With more of a cushion, they would’ve cut fewer jobs, White said.
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In the next recession, the federal government may not assist states as it did in 2009, with grants for Medicaid and education, White said.
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Of course, at this rate there will never be another recession ever again...
70 Months and Counting pic.twitter.com/NWrHJ0M5CO
— Not Jim Cramer (@Not_Jim_Cramer) April 7, 2015
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Oh FFS...
NEVER forget... people... that francis_sawyer was your MORTAL ENENY!
This from an administration that ACTUALLY HAD TO WARN it's FBI and DEA to not buy hookers. Just wow.
FBI and DEA Agents Actually have to be Instructed not to Consort with Hookers?!?!What!!, hiring hookers is frowned upon, who would ever know, I thought hiring hookers was supporting GDP!
I think Francis is coming out of the Mutilator closet.
shhhhh....i like having him around.....
If you think the PTB are unaware then you're deluding yourself.
i dont think its the ptb as much as it is others he may rub the wrong way.......
if he's rubbing the wrong way maybe he should use some K-Y jelly.
Wax on, wax off.
Fuck You, Obozo!
You want to tell the states how to be more financially responsible...
And yet you continue to strangle them with your unfunded mandates!
Common core math should soon solve all economic woes.
Rx: get involved, stay involved.
E.g. my 5th grader got this math problem for homework... A PCMonitor is 12 inches tall and 16" wide. What is its diagonal?
All other kids drew it on paper and measured the diagonal. Mine used a^2 + b^2 = c^2 to get 20".
The teacher said to him: "But that's grade 8 math". My kid responded: "Is that a problem? "
The White House could have just said "bend over, muppets." and saved a lot of time.
PEW is no help at all as usual.
this is all deliberate. sane voices have been shut out of planning for a very long time.
The Feds want to mandate to the states, and then step back financially.
Your wife must be a freaking BRAIN, Kirk! Way to marry up!!
a^2 + b^2 = c^2 is eighth grade math now? We are truly fucked.
Good call PE! Then again, Mutilator hasn't used the terms joobux or cheesepopes- yet. I kinda miss francis_sawyer. He had a way of his own. I don't think he was banned, though. He left voluntarily.
The one that puzzles me is Fonz, maybe Doc Engali knows what's up with that.
The money whores in DC don't like competition.
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Oh, PU-LEEZE... LTER... Please get a life!
Is this the height of your Friday night enjoyment?
You're pitiful!
Maybe you need to go out and get yourself laid...
You could always give him a hand instead of just yelling at him.
Yeah, I agree...
He really needs help!
He hates Rand, but espouses many of the same principles she did. Hurts my head.
Seems like you know why.
Care to elaborate?
,,|,,
Wait! I thought that hookers and blow were a critical part of GDP. And who has a bigger budget to support GDP than FBI and DEA?
I'm very confused!!
It helps GDP if drug cartels in foreign countries pay to supply hookers in the USA to FBI and DEA
agents. Not much of a help to our GDP if done outside our borders.
~
I'm making over $7k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do... www.globe-report.com
I think ZH allows these guys to post just so we can toss in some witty comment and keep the thread interesting
poor guys dick only works part time, imagine how much he could make if it was functional
Useless fuckin NSA; if they were serving the public they would publish the basement this troll lives in so we could go by and piss on him.
As well as provide Hilary’s email, but that may dehydrate them since that is apparently the new hazard in public service.
No problem whatsoever. State legislatures can call an Article V Constitutional Convention, amend the federal government out of existence and then up their tax rates to cover the services that they should be providing to their citizens instead of wasting fed tax dollars on illegal wars. Time to reset and rethink the whole philosophy of the purpose of government.
Your plan assumes that state govts aren't compromised also. A better plan would be to scrap everything down to the county level and restart from there. Every county should have revolutionary councils, commitees and militias. The only existing institution worth saving is the Sheriffs office. Replace those who can't or won't uphold individual liberty.
That could be a nice idea. The only problem is here in Travis County, TX (Austin) the local officials are very pro big government. They have also been on a debt binge and spending spree the whole time the state was trying to stay lean.
The "State Governments" are Federal Franchises. If you think for a moment they are somehow "different..." well, it must be nice to believe in Unicorns and their multi-hued bite-sized droppings.
Yea, there have been recent articles about how many states needed for the convention and ALSO about state secession movements in MSM outlets. As we get closer to a convention, watch, as the Fedgov starts promoting state secession movements to dilute and prevent a convention.
Why would anyone post what the white house says? There are so many articles on ZH that are lies, I think they should change their website to: lieshedge.com.
Which one's?
Hey, you know the way out of here.
Fuck the White House. We no longer have a Viable Working Government in America.
Fuck viable they aren't even legitimate.
if u blow up the map, you can see on the bottom who made this study.... no surprise
You had me at blow up......
The first state that Quits paying the banksters will be the first state the DC US invades since their treason in the 1860s.
My money is on it being California, as the DC US and their Zionist masters will want to nationalize certain properties and industries to keep them out of the hands of the Chinese.
The banksters need to repay us.
"You can check out anytime you like, but you can never leave."
"My money is on it being California, as the DC US and their Zionist masters will want to nationalize certain properties and industries to keep them out of the hands of the Chinese. "
Texas isn't going anywhere. The oil. The gulf.
What the Great Recession has shown is that things have fundamentally changed,” The White House warned this week.
Well I guess that's what you get when you proclaim that you are going to fundamentall transform the unted states of America.
https://m.youtube.com/watch?v=KrefKCaV8m4
Come out, come out wherever you are, preppers! I got somethin ta show ya!
If only I could be subject to the whims of a parasitic self aggrandizing bunch of assholes that claim ownership over a large portion of my productivity, things would be so much better.
There's truly nothing I enjoy more than being lectured by a clueless narcissistic ball gargler that knows shit about finance or entrepreneurialism to wag his finger and instruct me as to what I should do.
Hey Barry you should go fuck yourself you coke head cock sucker
Why is this post not called Friday Humor?
if it wasn't so depressing it might actully be funny.
Here's your president America!
President Choomster in Jamaica man.
https://m.youtube.com/watch?v=oIL4asUyciI
Barack the magic negro
That song never gets old.
https://m.youtube.com/watch?v=N08ZIsSPKuo
Gona finish what jubal early had the last shot at.just look at the Capital building looks like about 1860 . Looks like it does now. Sort a like the Death Star . And yes it's operational. It's our fault we have to fix it. Or everyone loses.dont know how this plays out. Just front run it as best you can for the loved ones. The propaganda on us tv is horrible .
The Last Ride Ever on Jaws at Universal Studios Orlando For TPR
http://www.youtube.com/watch?v=7uALqMMC8mg (6:16)
Meanwhile...
China buying up American land, resources, and Communities: Detroit to be the first major city..?
http://www.youtube.com/watch?v=zSCr4OpyCoQ (8:30)
Wait.
Did the words 'cut spending' actually get uttered at the fucking WH ?
Something very different is going on here.
To 'cut spending' is not ideologically compatible with the practice of modern American statism.
-Most certain not as practiced by Democrats.
Oh, wait; the majority in Congress are now Republicans.
Hillary has to have something to run against aside from her failed term carpetbagging in NY and State Debt debacles..
...& this is just talk; -no one has proposed pulling out the carving knife even though the debt ceiling is once again looming.
Boner is still in the house. $4 Trillion in 4 years.
http://ts1.mm.bing.net/th?&id=HN.608004946859393887&w=300&h=300&c=0&pid=...
What the great recession has show us is that the American public is a bunch of pussies. Let the beatings continue......
Illinois revenue is up 22.5% and they are still FUCKING BROKE! Why is it so hard to see that revenue is NOT THE FUCKING problem spending is. Wisconsin's gubmit revenue is down and they are thriving.
"Now’s the time to sock away cash," warns Moody's Daniel White."
Now? Why now? And what to does he mean by "cash" exactly? Like dollars? What kind of dollars? Paper ones or silver ones? The man does not specify exactly what we are to do. Moodys of all douchebag operations issues that statement? Really?
No thanks Moody. I'm going to stick my little plan of buying certian coins and such that I have been doing a quite a while and recently I found a guy who is listed as a pawn shop but I think he more into coins as had visit his establish not long ago. It is a very small hole-in-wall type place as most coins shops are. I had no idea he had anything because your Pawn Merica's are nothing but junk that should have tossed into the refuse pile. I see potential here in a big way because this another of the old timers who has some nice coins. I asked the gentleman if he anything and replied, "What are you looking for?". When you get that response, it is almost always good. I named a couple of date and had one of the rarest dates that you imagine. The coin was poor and he knew that but it is a key date. I would grade that coin in the unofficial grade of "It is an example of one". Price bargaining time and bundling time. No one walks into a place and for that particular coin who is some schumck of the street and that's when we got into the good stuff. I didn't even get to see it all yet because it is not under the counter or on display. I bought a couple of other coins that you won't find laying in any parking lot including a Type One gold U.S dollar that is cool. I paid for that one, trust me and it was the 1853 P(no mint mark) which was the most common of that very short run series. The condition is AU+. The coin is 25.8 grains in weight with a .900 fineness which was authorized by the Act of March 3, 1849. The moral of the story there is that not only did the U.S. have a currency based on gold and silver but it minted a GOLD DOLLAR. I HAD to have to have that coin. They are out there for sale.
If you fellow ZHer's ever see a one dollar gold coin, check it out closely. You might need one and they are out there. Then you can ask the inevitable asshole you always end up arguing with about monetary policy what that coins means. It's an automatic win of any economic argument regarding U.S. fiscal evidence. I have to back and see what else this guy has that I probably need.
So how does my little socking away "cash" plan sound good to you Mr. Moody? Is that what you had in mind or were you talking about toxic derivitives that are still on "the other" set of books and/or debt-based cotton fiber paper?
Is there money to be made in numismatics? Wouldn't the melt value be what you would look at in a SHTF scenario? Isn't coin collecting on par with stamps or baseball cards?
"the national economy, which is in its sixth year of expansion."
That line right there says the whole thing is propaganda.
The Federal Government has for the past couple of quarters been enjoying record tax revenues, all the while spending even more than they take in...and the White House has the unmitigated gall to lecture the states? All states need to be seriously considering secession. Because when the Federal Reserve House of fiat comes tumbling down, it is going to get very ugly.
Time to buy another thousand rounds...
"in the event of a recession"
...phew, scared me because we're heading toward a depression.
if the size of govt at all levels was cut by say, 50 per cent they wouldn't so many tax revenues would they?
I'm going to bet that these numbers are way worse then you are stating due to the fact that you used these organizations for the information of the story.
Pew: Nope
Rockefeller: Nope
Bloomberg: Nope
US Census Bureau: Are you fucking kidding me.
Try again please.