November 13, 2008
Experts in government finance say most state and local governments can expect at least another two years of revenue shortfalls, and that this recession is certain to be worse than the last one.
"It's kind of like getting hit by Katrina II," said Donald Boyd, a senior fellow at The Nelson Rockefeller Institute of Government in Albany. "This is probably going to be worse in many respects than the last time, even though the last was the worst in at least half a century. This one will be broader, hitting more states than the last one did."
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