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Monday, June 29, 2009

More on the Fifty Herbert Hoovers

by Calculated Risk on 6/29/2009 06:22:00 PM

From the Boston Globe: Patrick signs state budget (ht energyecon)

Governor Deval Patrick today signed a budget for next year that cuts aid to cities and towns, pares back programs throughout state government, and imposes $1 billion in additional taxes on Massachusetts residents, shoppers, and visitors.
“This is without question an austere – and in some respects, painful – budget,” Patrick told reporters. “It contains many unavoidable spending cuts, and many of them will have a painful impact.”

He said the budget “reflects the stark economic realities of the time.”
Higher taxes and less spending at the state level - what Krugman called the Fifty Herbert Hoovers

Meanwhile - no progress in California on a budget.