LEGISLATIVE BULLETIN: No Way Out: The employment and economic consequences of a cut-only approach to balancing the budget
By John Quinterno
Research Associate, Budget & Tax Center
June 9, 2009
- The sudden, widespread loss of jobs is taking a heavy toll on North Carolina’s families and communities and is responsible for much of the budget crisis facing state lawmakers.
- A cut-only approach to filling a budget shortfall estimated at $4.6 billion will do nothing to help the state escape the recession; rather, by removing yet another source of economic demand, it likely will lead to even greater levels of job loss and unemployment.
- Absent a balanced approach to filling the budget shortfall, family hardships will intensify, economic recovery will be delayed, and long-term competitiveness will be impaired.