State/Local Taxes & Spending

Definitions:

Balanced Budgets - you bring in as much as you spend; state budgets

Deficits - you spend more than you bring in; federal budgets

Other:

Jones Act - required any cargo shipped btw U.S. ports to be carried by U.S. ships w/ American crews

Demography - older pop. = more expenses in SS, Medicare, Medicaid + less people working in the system

Geography - if you are not proximal to a port, you’re in trouble