"Up" is "down", "In" is "out"

This is insane, "Florida began this year with a budget of $66.5''billion, but general revenue was only about 35 percent of the total". [emphasis mine] Economix has a map showing that Florida budget deficit declines in the last quarter of 2008 (vs. that of 2007).

Supply-side economists tells us that if we lower taxes, we get more revenues. In Florida, one primary revenue generator is the sales tax. Our sales tax has many, many exemptions (adult entertainment being one of them). I guess this means we need to raise more revenue by exempting more.

Meanwhile, Florida is one of only seven states in which taxing the Madoffs income is illegal.

The annals of poor tax policy

Take it away, Gary:

Back in 2005, former Gov. Jeb Bush trumpeted the fact that Standard and Poor's increased the state's bond rating to AAA, citing the "state's strong reserves and long term planning to avoid budget crises" as reasons for the decision. The reason it was big news is that with a better bond rating comes a much better borrowing rate.

All of the rating agencies have placed Florida on a negative outlook, said Ben Watkins, director of the State Division of Bond Finance, although none have yet downgraded the state's actual rating. [emphasis mine]

Of course, the point Fineout makes is that there is more information that the agencies haven't accounted for:

Right now it appears that the state will drain another $700 million from the [Lawton Chiles Endowment] by June 15 in order to balance this year's budget.

It looks like the hole may very well get deeper soon. Meanwhile, the legislature is debating whether or not Super Bowl tickets and skybox seats should be taxed.