States are going to be dealing with some prettyÂ significantÂ challenges over the next couple years. It will be very interesting to see how the small business market reacts and responds to the opportunities and challenges that these circumstances present.
State and local governments plan many more layoffs to close wide budget gaps.Â
States face a cumulative $140 billion budget gap in fiscal 2011, which began July 1 for most, says theÂ Center on Budget and Policy Priorities.
Up to 400,000 workers could lose jobs in the next year as states, counties and cities grapple with lower revenue and less federal funding, says Mark Zandi, chief economist for Moody’s Economy.com.
from USA Today: