A new report from the U.S. Census Bureau demonstrates the economic impact of the recession with new figures about state and local government revenues. For instance, in 2009 there was a 22.1 percent ($587.5 billion) decrease in revenues in comparison to 2008, according to the 2009 Annual Surveys of State and Local Government Finances, which covers stats on revenues (including taxes), expenditures, debt and assets (cash and security holdings) for state and local governments. State and local governments brought in nearly $2.1 trillion in 2009, and most tax revenue categories saw declines except property tax, which saw a 3.7 percent increase to $424 billion. Here are some key findings from the report:
- “Debt outstanding for state and local governments increased $131.1 billion (5.1 percent) to $2.7 trillion in 2009
- Spending increased 4.6 percent for state and local governments, totaling almost $3.0 trillion in 2009. Education continued to be the largest expense ($850.7 billion), followed by public welfare, which consisted of support of and assistance to needy people ($431.1 billion) and insurance trust ($275.5 billion)
- Revenue from the federal government increased 12.3 percent from $478.0 billion to $536.8 billion between 2008 and 2009
- State and local spending on education comprised more than 33.0 percent of expenditures in nine states (Alabama, Arkansas, Georgia, Kansas, New Jersey, Texas, Vermont, Virginia and West Virginia)
- Unemployment compensation saw an 86.0 percent increase from $35.6 billion in 2008 to $66.2 billion in 2009
- Revenue from individual income taxes decreased 11.3 percent from $304.9 billion to $270.5 billion
You can see more of the report’s findings here.
And speaking of the economy, the National League of Cities is pushing for Congress to pass the President’s jobs act as the unemployment rate remains high at 9 percent, according to the latest figures for the month of October. James E. Mitchell, Jr., Council Member, Charlotte, NC and President of the National League of Cities, released the following statement about the nation’s jobless figures:
“The nation’s cities and towns continue to call on Republicans and Democrats in Congress to set aside their partisan differences and put the country first by passing a jobs plan. The Senate said no to a proposal to save thousands of teacher and first responder jobs in our communities. [And] the Senate rejected a $60 billion infrastructure proposal that would help modernize our roads, rails, airports and waterways while creating thousands of jobs in our communities.
A plan from Congress to accelerate jobs and economic growth is overdue. A nine percent unemployment rate is unacceptable to our country and our communities. We need Congress to say yes to a jobs plan and we need it now.”