Many US states still struggle despite surging US economy

Many US states still struggle despite surging US economy

Even with the American economy boasting impressive job growth as well as domestic equity markets close to record peaks, a fragmented revival has left many US states struggling to close budget deficits almost a decade after the 2008 financial meltdown.

The broad revival has benefited economically diverse, large states, such as Texas and California, as ratings agencies point out, while those US states, which greatly depend on crude revenues, including Alaska and North Dakota, and those like Illinois, grappling with huge unfunded pension obligations, have faced budget deficits bloom.

It has left those struggling US states with quite painful decisions over tax increases and spending cuts, and ill-prepared to withstand another economic downturn or cuts to federal money, closely connected with the Medicaid program.

Meanwhile, S&P Global has already downgraded up to 11 US states compared to two upgrades since January, last year. 11 states stay on negative outlook, and it means that the ratings agency is assured that more than 20% of US states are facing a real danger of a credit downgrade.

 

 

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