State Tax Revenues Are Down Dramatically; Governments Already Responding With Employee Layoffs

Moody’s Analytics is forecasting state (not including local) governments’ tax revenues will come up an astounding $434 billion short during 2020 to 2022. According to the Wall Street Journal, that’s greater than 2019 K-12 education budgets for all 50 states combined, or twice as much as all state spend of roads and other transportation infrastructure….