States Continue Profligate Spending

Despite an inability to print money like the federal government, combined spending by all 50 states is expected to increase significantly next year.

"Governors' recommended budgets called for a 3.6% increase in spending - the first after a record two years of declines, according to the report, which was conducted with the National Association of State Budget Officers."

This proposed spending increase is scheduled to occur in the face of spiraling budget deficits and anemic tax receipts.

"Tax revenues are expected to climb to $495.8 billion in fiscal 2011, up from $477.4 billion the previous year but down from the $541.5 billion collected in fiscal 2008."

This compares to combined state spending that is over $635 billion, which points to massive deficits at the state level that will have to be repaid by future generations. All in all, a typical immoral act that should be blamed not just on legislators, but also, and more appropriately, the people that voted them into office to vote this way.

As the budget deficits increase, states should consider selling assets off to repay the debt, and will hopefully learn a very valuable lesson in the process. Any bids on Yosemite National Park?