Happy (State) Fiscal 2017! Or Maybe It’s Not So Happy, After All

NEW YORK — Happy fiscal New Year! Or so the National Council of State Legislatures proclaimed in its blog post this month. I second the council’s wish for fiscal 2017, but with a bunch of asterisks, caveats, and warnings, especially for those states that have passed so-called balanced budgets where a lot of work has been left undone. This leaves states—and counties and cities as well—vulnerable to potential economic, fiscal, market, and economic shocks that will inevitably crop up, even if we are lousy at predicting exactly when they might occur.

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