"All but a handful of states have seen their revenues plunge since the great recession hit like a tsunami in 2008. State lawmakers have repeatedly slashed their budgets to address the massive shortfalls. But cutting to get out of fiscal crisis is tantamount to digging to get out of a crater.
Budget cuts deepen the recession and stifle recovery by immediately putting people out of work, reducing public and private investment, and abandoning residents in their hour of need. The long-term economic consequences are also damaging, including lost productivity, a less-skilled workforce, and reduced competitiveness.
The key to the twin goals of budget repair and economic recovery is significantly increasing progressive taxes. [...]"