Considering cuts in the state budget. Plus: the national economy, pensions, and family care

December 1, 2008 | Alex Stone

Gregoire looking at massive state budget cuts: Gov. Christine Gregoire’s office is considering vast cuts in state spending that Democratic leaders once would have considered unthinkable, including more than $1 billion in funding for public schools.

It’s a depression: Few prominent economists will say it, but to me it looks and feels like we are in another Great Depression or a reasonable facsimile.

Sewing Up the Safety Net: Largely missing from the discussion about the faltering economy is the recession’s impact on the 37 million Americans who are already living at or below the poverty line — and the millions more who will inevitably join their ranks as the downturn worsens.

Kuttner: Another Great Depression A Bigger Risk Than Large Budget Deficits: This week on NOW on PBS, economist Robert Kuttner states what should be (but unfortunately isn’t) conventional wisdom: that it’s more important to get this economy going again than it is to manage the federal budget deficit downwards.

Jersey’s Pension Problem: New Yorkers are being warned of vague terrorist plans to blow up our trains and subways, but it’s not like things are so much better on the other side of the (Hudson) river. “The state of New Jersey is insolvent,” reports Mike Shedlock at Mish’s Global Economic Trends.

More Men Take the Lead Role in Caring for Elderly Parents: When Peter Nicholson’s mother suffered a series of strokes last winter, he did something women have done for generations: he quit his job and moved into her West Hollywood home to care for her full time. | Read

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Posted in State Economy, Tax and Budget, Work & Family

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