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To: TobagoJack who wrote (44313)	1/5/2004 2:27:42 PM
From: elmatador	Respond to of 74559

In Argentina started like that: The provinces kept lived above what they collected. The central government too. We know the results. Despite Rebound, States' Budgets Are Still Reeling By JOHN M. BRODER Published: January 5, 2004 LOS ANGELES, Jan. 4 - After three consecutive years of dismal fiscal news at the state level, officials are beginning to detect signs that the worst may be over. But state budgets will continue to be stressed by slow job growth and rapidly rising health care costs, and battles in state capitals over taxing and spending will continue to rage, analysts say. The growing national economy and the rising stock market have begun to be felt in the states; tax revenues in most states rose slightly in the second half of last year for the first time since mid-2001. Governors, legislatures and budget directors welcomed the news after three years in which state officials had to contend with a cumulative $200 billion in budget shortfalls. But officials warned that many states were entering the new year and preparing for next year still facing substantial budget deficits. Over the past three years, total spending at the state level rose, at most, by one-half percent, a marked change from the record of the previous 25 years, in which spending growth averaged 6.5 percent a year. "In quite a large number of states, budgets will be smaller in actual dollar amounts than they were two or three years ago," said Scott Pattison, executive director of the National Association of State Budget Officers, based in Washington. "That's pretty unusual and significant. The good news is it appears most states have hit bottom and are slowly climbing out, but boy, the bottom was deep. It's going to be hard coming out of that." States have responded by greatly cutting spending and raising fees on all kinds of services, from fishing licenses to divorce filings. Sales taxes rose in 17 states, while 10 states, including New York, increased income taxes, although most made the increases temporary. Many states resorted to one-time remedies to raise revenue, including accelerating tax collections in Michigan and deferring salary payments into the next fiscal year in Virginia. States have borrowed against pension funds and tobacco settlement payments and offered amnesty to delinquent taxpayers to encourage them to make overdue payments. Full story: nytimes.com

To: TobagoJack who wrote (44313)	1/5/2004 3:14:46 PM
From: Canuck Dave	Read Replies (1) \| Respond to of 74559

Got silver? CD p.s. It's NOT too late. Adjusted for inflation, silver is still near all time lows.