Word: fiscal
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...have not yet reached an agreement. But before lawmakers start slapping backs, they should know that next year's budget crunch could be even tighter. Thanks to dwindling revenues, paltry collection rates and the economic storm soaking taxpayers, the $142.6 billion budget shortfall that states faced during the 2009 fiscal year is but one hurdle in a longer financial gauntlet, according to this bleak assessment from the National Conference of State Legislatures (NCSL). Corina Eckl, the NCSL's fiscal program director, recently compared the endless waves of grim economic forecasts to "breaking your leg and then getting pneumonia." Cheery stuff...
...least 48 states are facing shortfalls totaling $166 billion - 24% of their total budgets. Rendell, the outgoing chairman of the NGA, was unable to attend the Biloxi meeting because he had to stay in Pennsylvania and struggle with the legislature to find a way to plug a $3.2 billion fiscal hole...
...When July 6 arrived, every station carried the budget address, delivered by finance minister Pranab Mukherjee. And the nation was in for quite a surprise. While Mukherjee did announce significant fiscal stimulus plans, expanding rural employment, and development programs, he did not mention any specific open-market reforms, such as raising foreign investment levels, divestment of public enterprise, or deficit reduction. After Mukherjee had signaled to the entire nation that he would follow through on these reforms, the speech was a major disappointment...
...government could have painlessly enabled this development of the free market through selling state-owned businesses, loosening regulations on foreign direct investment, and creating a plan to reduce the deficit. India achieved 6.7 percent growth this past fiscal year only on the back of intensive government spending by the previous Congress-led coalition. Public-sector spending provides a short-term stimulus, but a more open economy is necessary for sustainable growth...
...India’s economy to return to the 9 percent growth it enjoyed in the 2007 and 2008 fiscal years, liberalization must continue. State control over public enterprise and limits to investment still create massive inefficiencies in the economy that prevent India from realizing its full potential. The Congress Government was overwhelmingly reelected on the promise of greater reforms and more growth—and they should have followed through on those promises in the budget. Having failed to do so, they cannot delay the reforms any longer. There are a billion people who should not have to wait...