For John, BLUF: No good deed goes unpunished. Nothing to see here; just move along.
From The International New York Times we have "Some States See Budgets at Risk as Oil Price Falls". The Writers are Messrs Manny Fernandez and Jeremy Alfordec.
States dependent on oil and gas revenue are bracing for layoffs, slashing agency budgets and growing increasingly anxious about the ripple effect that falling oil prices may have on their local economies.And this is just in the United States. It is far worse for Russia, Iran, Venezuela and other nations.
The concerns are cutting across traditional oil states like Texas, Louisiana, Oklahoma and Alaska as well as those like North Dakota that are benefiting from the nation’s latest energy boom.
What was missing from the article is the economic balancing from the spending that was generated by those people who are paying lower prices for fuel. Is there not an increase in jobs from the additional spending? How much do sales taxes go up? This is an incomplete picture.
Hat tip to Memeorandum.
Regards — Cliff