One by one, the states are showing the desparate shape they are in. Previously we mentioned how Illinois had a deficit of $13bn, consider New Jersey with a deficit of $11bn. This is just the beginning of a long decline of states being able to meet their fiscal responsibilities. Furthermore, this reaches much further down as municipalities also face growing deficits. While "economists" (the same ones that couldn't or wouldn't predict the financial collapse) tell us that the US is no longer in a recession, states are reeling from unprecedented deficits.
http://www.newjerseynewsroom.com/state/new-jerseys-state-budget-deficit-could-reach-11-billion
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