By Michael Cain, Our Finite World
Without increased revenue, legislatures will have no choice but to make deep cuts in spending. Some argue that peak energy in general, and peak oil specifically, implies that the current levels of revenue are a “new normal.” If that is the case, the cuts made next year may well be permanent. ... As a member of a state legislative budget staff, I helped with new member orientation every two years... This essay provides an accessible (and hopefully interesting) look into the possible consequences of the budget crises on state government spending.