North Carolina’s budget deficit in perspective
Our state’s upcoming budget shortfall is projected at $3.7 billion. How does that compare to other states’ deficits? N.C. State University economist Mike Walden explains.
“In dollar terms, our $3.7 billion deficit is the eighth largest of all the states. California, by far, has the largest gap at over $25 billion dollars.
“Now, in terms of the budget deficit as a percent of the budget — so that is saying, what slice of the budget pie is the deficit? — ours is a little better. We are 11th largest at 18 percent. Again the state with the largest is a state out west, Nevada. Their budget deficit is a whopping 45.2 percent of their overall budget. Illinois is second at 45 percent.
“If you take the total budget deficits of all the states together right now, they collectively stand at $125 billion. That is staggering.”Category: Economic Perspective