THE WORST FINANCIAL DAYS EVER???
Over the weekend Arizona state lawmakers approved a budget for fiscal year 2010. Governor Jan Brewer said that these are, "the worst financial days ever." Arizona still faces a $1.5 billion dollar deficit this year, and a projected $3.4 billion dollar shortfall next fiscal year. The bill contained $193 million in funding cuts to reduce state services and state salaries. "We face a state fiscal crisis of unparalleled dimension, one that is going to sweep over every single person in this room, as well as every business, every family, every Arizonan," Brewer said.
Can anyone explain how these are the worst financial days ever yet we are coming out of only a recession?
It appears that much of America, and the world for that matter, are simply functioning based on an ability to borrow without much regard to ability to pay back......interesting times indeed.