economy-of-new-jersey

These are tough times for state governments. Huge deficits loom almost everywhere, from California to New York, from New Jersey to Texas.Wait__exas? Wasn't Texas supposed to be thriving even as the rest of America suffered? Didn't its governor declare, during his re-election campaign, that 'we have billions in surplus'? Yes, it was, and yes, he did. But reality has now intruded, in the form of a deficit expected to run as high as $25 billion over the next two years.And that reality has implications for the nation as a whole. For Texas is where the modern conservative theory of budgeting__he belief that you should never raise taxes under any circumstances, that you can always balance the budget by cutting wasteful spending__as been implemented most completely. If the theory can't make it there, it can't make it anywhere.